Credit Suisse Cuts Estimates & Price Target on AXIS Capital (AXS), Worlds Tragedy's Could Cost $8-$12B

An analysts at Credit Suisse is maintaining their Neutral rating on shares of AXIS Capital (NYSE: AXS), but is lowering their price target to $36 from $39 after calculating in the catastrophe losses around the world.

The firm reports that the company's 1Q11 guidance and 2011 outlook seems accurate as it will cost the company $185-$215 million for the New Zealand earth quake, $90-$100 million for the Australian floods, and no less than $25 million for the Japanese earthquake as it will account for 1.3% of the total industry losses in Japan.

As a result of the earthquakes and floods, Credit Suisse is cutting its 1Q11 EPS estimate to a loss of $3.55 from a positive $0.60. The firm is also reducing their 2012 and 2013 EPS estimates by $0.25 to $3.60 and $3.30 due to higher paid losses on the earthquake and significantly lower share repurchases.

For more ratings news on AXIS Capital click here and for the rating history of AXIS Capital click here.

Shares of AXIS Capital closed at $33.34 yesterday.

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