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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on AXS: