UPDATE: Morgan Stanley Lowers PT on Aflac to $64 (AFL)

Morgan Stanley is out with its report today on Aflac (NYSE: AFL), lowering its PT from $69 to $64.

In a note to clients, Morgan Stanley writes, "For longer-term investors, we continue to see potential upside and recommend accumulating a position in the stock on any further weakness. Clearly the impact of portfolio repositioning is going to have a larger negative impact on near-term earnings than investors expected, leading to the disappointing guidance for 2012. Accordingly, the near-term outlook is clouded, making it difficult to determine the likely incremental buyer. Longer-term, however, we believe the core franchise, remains strong, and the growth profile beyond 2012 should accelerate. We are reducing our 2012 EPS estimate $0.25 to $6.40 and lowering our 12-month price target to by $5 to $64, which is 10x our 2012e EPS."

Shares of AFL closed Wednesday at $50.45, down 6.31% from Tuesday's close.