$AFL

Morgan Stanley raised its Aflac (AFL) price target to $125 from $120 and kept an Equal Weight rating, citing generally strong Q1 life insurance results, expected earnings momentum through 2026, steady international operations, and improving mortality trends. Separately, Piper Sandler cut its target to $125 from $130, citing Q1 earnings below estimates due to weaker Japan performance, though it noted improving Japan benefit ratios and strong distribution.