Axis Capital initiated with a Sell at Goldman Sachs

Goldman Sachs analyst Alex Scott initiated coverage of Axis Capital with a Sell rating and $51 price target. The pivoting of the company’s business will be a slower than anticipated process and the scaling back on property reinsurance lines will have greater than expected implications for growth in casualty reinsurance and potentially margins as well, the analyst tells investors in a research note. The firm also views Axis Capital’s reserve position as being potentially adequate, but likely weaker than peers in the casualty space.