Aflac (AFL) Gets Deutsche (DB) Upgrade on Valuation

After plunging over 10 percent the last several days on their strong exposure to the Japanese market, Aflac (NYSE:AFL) caught somewhat of a break as they were upgraded by Deutsche Bank (NYSE:DB) from "Hold" to "Buy."

Analysts at Deutsche said their reasoning behind the upgrade was the now attractive valuation of the insurer after the plunge in share price of Aflac.

They noted that other life insurance companies were trading flat, while Aflac was down about 10 percent so far in 2011.

Deutsche Bank said in a note to clients, “This includes a 9% decline over the past three trading days (reflecting a $2.3 billion loss of market cap). Aflac’s strong and steady capital generation ... should help to offset potential losses from Japan and the investment portfolio.”

Aflac closed Wednesday at $50.67, dropping $0.22, or 0.43 percent.