Citi analyst Suneet Kamath opened a "Negative Catalyst Watch" on shares of Aflac ahead of the company's Financial Analyst Briefing meeting. The analyst believes Aflac will guide to ongoing pressure on Japan sales in 2020 and points out that the stock has generally underperformed around prior FAB meetings. Further, Kamath believes current consensus estimates already reflect margins and capital return toward the high-end of prior guidance. He lowered his 2020 earnings per share estimate to $4.40 from $4.45 and dropped his price target for the shares to $44 from $45. The analyst keeps a Sell rating on Aflac.