Axa: Berenberg downgrades buy rating
(CercleFinance.com) - On Wednesday a Berenberg analyst said that he is downgrading his rating on the Axa share, while cutting his corresponding target price for it.
The broker now recommends investors "Hold" the share, now targeting 21.80 euros, vs. 22.60 euros previously.
"AXA is still cheaper in valuation terms and should benefit from better pricing news in September but we believe investors should now buy Generali and hold AXA," says Berenberg, which conversely has switched to a buy rating on the share of its Italian peer, Generali.
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