UPDATE: Deutsche Bank Upgrades AXIS Capital to Buy

Deutsche Bank raises its rating on AXIS Capital

to Buy from Hold, as well as increases its price target $5 to $38, on the company's attractive valuation. Deutsche Bank says, "AXIS has been lagging its international reinsurer peer group despite having a sustained track record of outperformance based on ROE generation. While we believe there may be some seasonal risk associated with recommending its shares early in the year, valuation appears attractive." AXS closed at $31.60 a share yesterday.