The Intercept's article today on Aflac is "filled with hyperbole, which reduces the credibility of the claims being brought," Evercore ISI analyst Thomas Gallagher tells investors in a research note.

The analyst admits, however, that it is unclear to know whether the fraud allegations by former employees have any merit. Gallagher views the 8% selloff today in shares of Aflac as an overreaction. The stock is now pricing in a "reasonably high probability that there are systemic issues here," the analyst contends. He has an In Line rating on Aflac with an $87 price target.

The stock in afternoon trading was down 8%, or $7.58, to $84.11.