Axa: Oddo BHF maintains buy rating after investor day
(CercleFinance.com) - Oddo BHF is maintaining its "buy" rating on the AXA stock, with a target price of 29 euros, after AXA's investor day, which it says showed the group's confidence in its business model (a new capital return policy) and the integration of XL (increased synergies).
The broker points out that the group has raised its target for underlying RoE to 14%/16% (vs. 12%/14% previously), along with its target pay-out ratio to 50%/60% (vs. 45/55% previously). The analyst adds that the share's high discount seems unjustified.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker points out that the group has raised its target for underlying RoE to 14%/16% (vs. 12%/14% previously), along with its target pay-out ratio to 50%/60% (vs. 45/55% previously). The analyst adds that the share's high discount seems unjustified.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.