AXA: Jefferies keeps on buying after Q3 results
(CercleFinance.com) - The insurance group has said that the impact of Covid-19-related claims was unchanged at 1.
5 billion euros on 2020 operating profit.
The broker says, "With AXA providing reassuring statements for capital, cash and COVID-19 claims, our conviction has been strengthened by this update".
"Having fallen >25% since June, our view is that this reassurance will prove to be a catalyst that underpins the shares," it adds.
Jefferies confirms its buy rating on the share with a target price of 27 euros (vs. current price of 15.35 euros, +2.9%).
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