Credit Suisse Downgrades Axis Capital
Equities research analysts at Credit Suisse downgraded shares of Bermuda-based Axis Capital from an “outperform” rating to a “neutral” rating in a research note to clients and investors on Wednesday (Jan. 19). The analysts currently have a $39.00 price target on the stock.
Separately, analysts at Zacks Investment Research downgraded shares of Axis Capital– headquartered at the Waterfront on Pitts Bay Road — from an “outperform” rating to a “neutral” rating in a research note to investors in December. They now have a $38.00 price target on the stock.
They wrote, “Axis Capital’s third quarter earnings surpassed the Zacks Consensus Estimate, primarily due to higher-than-expected premiums earned. With conservative underwriting practices, the company remained well capitalized. It enjoys a strong rating from the rating agencies as well. However, we believe that near-term results will remain curtailed, given the current stress in the overall economy and the soft pricing environment. Though rate increases and growth opportunities have resulted in increased premiums in the Reinsurance segment, a significant growth in the Insurance segment still remains elusive. However, strong capital management via share repurchases should help grow earnings.”
Axis Capital Holdings Limited (Axis Capital) is a Bermuda holding company for the Axis Group of Companies. The company, through its various operating subsidiaries and branches, provide a range of insurance and reinsurance products to insureds and reinsureds globally with locations in Bermuda, the United States and Europe.
The company operates in two business segments: insurance segment and reinsurance segment. Axis Capital’s direct and indirect subsidiaries, and branches include Axis Specialty Limited (Axis Specialty Bermuda), Axis Specialty Limited (Singapore Branch), Axis Specialty Europe Limited (Axis Specialty Europe), Axis Specialty London, Axis Specialty Australia, Axis Specialty Insurance Company (Axis Specialty US), Axis Re Limited (Axis Re Ltd.), Axis Reinsurance Company (Axis Re U.S.), Axis Reinsurance Company (Canadian Branch), Axis Surplus Insurance Company (Axis Surplus), Axis Insurance Company (Axis Insurance Co.) and Axis Re Europe.
Axis Capital has a 52 week low of $28.18 and a 52 week high of $37.15.
