Axis Capital upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette upgraded Axis Capital to Outperform from Market Perform with a price target of $66, up from $59. The analyst thinks the stock’s valuation discount relative to its specialty-focused peers bakes in a sizeable Q4 reserve charge that should, if big enough, address investors’ primary concern. The firm says Axis can absorb a large reserve charge.