Deutsche Bank Upgrades AXIS Capital (AXS) to Buy; Valuation Call

Deutsche Bank upgraded AXIS Capital (NYSE: AXS) from Hold to Buy, price target, raised from $33 to $38.

Deutsche analyst says, "AXIS has been lagging its international reinsurer peer group despite having a sustained track record of outperformance based on ROE generation. While we believe there may be some seasonal risk associated with recommending its shares early in the year, valuation appears attractive."

"Even with the lack of clear catalyst for the stock, the low relative-to-peer valuation coupled with the company’s historically high ROE generation makes this name attractive in the current market environment."

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 $31.60 yesterday.

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