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Axis Capital downgraded to Underweight from Equal Weight at Wells Fargo
The Fly

Axis Capital downgraded to Underweight from Equal Weight at Wells Fargo

Wells Fargo analyst Elyse Greenspan downgraded Axis Capital to Underweight from Equal Weight with an unchanged price target of $55. The company’s exit from property and catastrophe insurance means it won’t be able to participate in the hardest catastrophe reinsurance market seen in decades, Greenspan tells investors in a research note. This puts Axis at a relative disadvantage versus peers, Greenspan tells investors in a research note. The analyst also thinks not having a catastrophe offering will lead to less opportunity for Axis to write casualty business.

Published first on TheFly

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