S&P Equity Research Downgrades AXA to Hold
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S&P Equity Research downgrades AXA (NYSE: AXA) from Buy to Hold.
S&P analyst, T. Silverman, says, "Partly reflecting outperformance of S&P Euro 350 insurance stocks since mid-February, we downgrade our opinion. We think it unlikely that the firm's strengths in mature European markets and in US will deliver outperformance over the next year. Activity indicators in Q1 showed the impact on life sales of weak US dollar and underlying fall in US sales, partly expected on product re-pricing. Margins were compressed by lower interest rates and guarantee costs. To reflect forex shifts, we raise 12-month target price $1 to $38, 9.6X our '09 estimate."
AXA is the holding company for an international financial services group focused on financial protection.[SM]
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