AXA: Credit Suisse cuts target price
(CercleFinance.com) - Credit Suisse analysts believe that AXA has clearly disappointed investors by reducing AXA XL's earnings estimates for 2020 to 1.
2 billion euros (vs. 1.4 billion euros previously).
The broker has cut its target price for the share to 28 euros (vs. 30.50 euros), reflecting lower EPS estimates that include the impact of these reduced forecasts. Despite these cuts, analysts confirm their buy rating on the share.
"However... with the shares trading at a 20-25% discount to peers... we believe AXA could rebuild credibility to close this discount," Crédit Suisse says.
"We think AXA can exceed consensus earnings due to reduced expectations for AXA XL as well as stronger growth in other divisions".
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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.
2 billion euros (vs. 1.4 billion euros previously).
The broker has cut its target price for the share to 28 euros (vs. 30.50 euros), reflecting lower EPS estimates that include the impact of these reduced forecasts. Despite these cuts, analysts confirm their buy rating on the share.
"However... with the shares trading at a 20-25% discount to peers... we believe AXA could rebuild credibility to close this discount," Crédit Suisse says.
"We think AXA can exceed consensus earnings due to reduced expectations for AXA XL as well as stronger growth in other divisions".
Copyright (c) 2020 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.