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AXA: Goldman Sachs reiterates buy rating

( - This morning the insurance company AXA announced that its Board of Directors has decided to reduce its proposed dividend payment from 1.
43 euro to 0.73 euro per share.

The Board will consider proposing an additional payment to shareholders in the fourth quarter of 2020, representing up to 0.70 euros per share, depending on market conditions.

Following this announcement, Goldman Sachs confirms its buy rating on the share, with a target price of 22 euros (current price 18.86 euros, up over 9%).

"Overall, we view this release as positive... We believe AXA's ability to pay a dividend is a sign of strength," the broker said.

"The group has released net estimates of overall COVID-19 related claims of c. E1.2bn post tax and net of reinsurance".

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