AXA downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette analyst William Hawkins downgraded AXA to Market Perform from Outperform with a EUR 28 price target. The analyst reiterates an underweight stance on European insurers seeing a poor risk/reward for the sector, especially compared with banks. He believes inflation’s impact on claims could be a lagging negative and now prefers life over non-life insurers.