Axa: Oddo confirms rating after AEH placement
(CercleFinance.com) - Oddo has confirmed its buy rating on the Axa stock, along with its target price of 28 euros, after the announcement of a new placement of AXA Equitable Holdings (AEH).
Oddo still believes that the stock is trading at a discount relative to the rest of its sector and at very low multiples.
The group will therefore place 40 million AEH shares (representing approximately 7.7% of the current number of AEH shares outstanding) with an over-allotment option of 6 million additional shares, the broker says.
In addition to this offer, AXA and AEH have entered into a share buyback agreement, whereby AXA will sell AEH 30 million AEH shares (representing approximately 5.8% of the current number of AEH shares outstanding) to AEH, Oddo adds.
Copyright (c) 2019 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.