Market Overview

UPDATE: Deutsche Bank Raises PT on Axis Capital Holdings on Reserve Development

Related AXS
AXIS Capital and PartnerRe Announce HSR Clearance for Amalgamation
Earnings Scheduled For February 3, 2015
PartnerRe gains after two-notch upgrade (Seeking Alpha)

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Axis Capital Holdings (NYSE: AXS), and raised its price target from $36.00 to $38.00.

Deutsche Bank noted, “We are increasing our target price sizably for 2013. Net prior-year reserve development remains a core part of the earnings story longer than we had anticipated. In 2012, reserve releases accounted for 5.0% of the company's 8.7% ROE. We continue to believe this level of reserve release in unsustainable. However, we are now forecasting its decline in 2014, rather than 2013. We are far below the Street in 2014 ($4.27 vs. our $3.05), but sub-book value multiple valuation seems to imply little downside in the shares.”

Axis Capital Holdings closed on Tuesday at $38.82.

Latest Ratings for AXS

Feb 2015CitigroupMaintainsNeutral
Feb 2015CitigroupUpgradesSellNeutral
Feb 2015Deutsche BankUpgradesSellHold

View More Analyst Ratings for AXS
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Price Target Analyst Ratings


Related Articles (AXS)

Around the Web, We're Loving...