AXA: price target raised by Oddo BHF

(CercleFinance.com) - Oddo BHF reiterates its 'outperform' rating on AXA, with a price target raised from 37 to 38 euros, following better-than-expected first-half underlying earnings, unveiled by the insurer last Friday.


The research department 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 if 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", adds the broker, who also sees the stock trading at attractive valuation multiples in view of its prospects.

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