Aflac Selloff On Intercept Article An Overreaction, Says Evercore ISI

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.


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