AXA: Jefferies raises target price

(CercleFinance.com) - Jefferies reaffirms its "buy" recommendation on AXA shares, having nudged up its corresponding target price from 27 euros to 27.
5 euros, with the broker saying that it is surprised by the insurer's new targets announced this week, which come three months ahead of schedule.

"Moreover, investors were rewarded with a material uplift in non-life margin guidance, a significant expense efficiency target and an explicit commitment to consider buybacks," the broker says.

Therefore, after raising its earnings estimates by over 5% and increasing its dividend growth assumption from 5% to 8%, Jefferies has increased its target price slightly.


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