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AXA: Credit Suisse still a buyer

(CercleFinance.com) - Credit Suisse reiterates its "outperform" rating on the AXA share, along with its target price of 22 euros, only making "limited changes to our forecasts (where we remain ~5% ahead of consensus)" for the insurer.


"The market's reaction to AXA's FY19 dividend disappointment is understandable... However, we think the future dividend outlook from here looks secure and attractive (8-9% 2020E-21E DY)," the broker says.

"On a risk adjusted basis, AXA's valuation looks too inexpensive to us, especially in the context of 1H20 earnings beating consensus" Credit Suisse adds.


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