Axis Capital price target raised to $90 from $75 at Roth MKM

Roth MKM analyst Harry Fong raised the firm’s price target on Axis Capital to $90 from $75 and keeps a Buy rating on the shares after its Q2 earnings beat. The company’s underwriting results were excellent with an overall combined ratio of 90.4%, the company had zero loss reserve development this quarter, and its catastrophe losses were modest at 3.6 loss ratio points, the analyst tells investors in a research note.