Wells Fargo Downgrades AXIS Capital (AXS) to Market Perform; Timeline and Volatility in Investment Results

Wells Fargo downgraded AXIS Capital (NYSE: AXS) from Outperform to Market Perform, price target range lowered to $32-$35 from $36-39.

Wells analyst says, "Our prior rating on AXS shares was based on our expectation that the company's historical premium valuation would return as justified by future performance. To us, the company's track record stands on its own but to many investors it is tightly entwined with the reputation of AXS' founding CEO, John Charman, who transitions to Chairman in May. While we still believe the valuation of AXS shares will revert to mean, we think the timeline may be extended as the company's CEO transition runs its course. Overall though we continue to believe that AXS is adequately capitalized and positioned to take advantage of the improving market conditions."

For an analyst ratings summary and ratings history on AXIS Capital click here. For more ratings news on AXIS Capital click here.

Shares of AXIS Capital closed at $31.18 yesterday.

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