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AXA: UBS reiterates buy rating

(CercleFinance.com) - UBS reiterates its buy rating on the stock, leaving its TP unchanged at E38, representing upside potential of 19%.


AXA's sale of AXA IM to BNP Paribas for E5.4bn and the acquisition of Nobis Group for E0.5bn are positive transactions representing around 2.5% of market capitalisation, UBS says.

AXA exceeds expectations with solid H1 results, driven by the property-casualty business (margin and sales growth), UBS says.

We are confident in our ability to achieve an operating earnings per share growth target for 2024 in line with our target of 6%-8%, management says.


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