UPDATE: Deutsche Bank Downgrades AXIS Capital; Q1 Business Shift - Axis Capital Holdings (NYSE:AXS)

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Deutsche Bank cuts its rating on AXIS Capital (NYSE: AXS) from Buy to Hold on business shift evidenced by Q1 results. Price target is raised from $69 to $79 on seasonal sector strength. Deutsche Bank says, "While we upgraded the stock to Buy just 8 weeks ago, the business mix shifts revealed in the 1Q12 earnings result cause us to revise downward our forward-looking earnings projections in a way that we can no longer maintain our optimistic outlook. Ironically, our skepticism may be ill-timed. Historically, the Bermuda Re/Specialty insurers have shown a remarkable propensity for appreciation and outperformance in the May-November timeframe. We have no reason to believe this year will be different."AXS closed at $24.12 on Tuesday.

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