AXA: Oddo BHF raises TP

(CercleFinance.com) - Oddo BHF has reiterated its "outperform" rating on AXA, with its target price raised from E37 to E38, following better-than-expected H1 underlying earnings unveiled by the insurer last Friday.


The broker highlights a very good performance in property-casualty insurance, where it is benefiting from measures to improve its technical profitability (in particular price increases), as well as a balance sheet that remains "very solid".

Even though the strategic interest of selling 100% of AXA IM does not seem so obvious to us, this sale is being made at an attractive price, the broker adds, which also sees the stock trading at attractive valuation multiples given its prospects.


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