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Axa: Jefferies still a buyer after investor day.

(CercleFinance.com) - Broker Jefferies has confirmed its "buy" rating on the Axa stock, along with its target price of 28.
8 euros, after the insurance giant held an investor day, which in its opinion "clearly evidenced" the insurer's progress towards targets set in its “Ambition 2020” plan.

The broker highlights the combination of the IPO of Axa's US subsidiary next year, with potential buy-backs thereafter, and acceleration in cost savings of 300 million euros via streamlining of management.

Jefferies believes that these details, “and capital reallocation from periphery operations to chosen geographies and lines, suggests upside risk to plan achievement and dividends from here.”

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