Wunderlich Securities Anticipates An 18% Book Value Increase For AXIS Capital Holdings

Wunderlich Securities reports that AXIS Capital Holdings Ltd.

is expected to report results for 3Q10 today after the market close. “We estimate EPS of $1.04 for 3Q10 compared to $1.00 a year ago; the consensus estimate is $1.16,” Wunderlich Securities writes. “We believe AXS's diversified global organization outperformed in 3Q10 due to superior underwriting, deployment of excess cash through share repurchase, and a modest level of catastrophes impacting the reinsurance business.” Wunderlich Securities said that it anticipates an 18% increase in book value to $37.40 from $31.58 a year ago, adding, “We reiterate our Buy rating and $42 price target on AXS shares.” AXIS Capital Holdings currently trades at $34.46.