AXA: Deutsche Bank raises target price

(CercleFinance.com) - On Wednesday Deutsche Bank raised its target price for AXA shares from E30.
5 to E34, in anticipation of a more favourable financial year for European insurers in 2024.

The analyst points out that the STOXX Europe 600 Insurance sector index has risen by 12.1% this year, pretty much in line with the
STOXX Europe 600 index (+11.5%), although ten points behind European banks.

With the prospect of bond yields peaking, credit spreads easing and premiums in the property-casualty sector continuing to rise, things are in place for European insurance stocks to outperform, Deutsche says, highlighting the sector's solid balance sheets.

Regarding AXA, one of its "top picks" alongside a.s.r., Direct Line, Legal & General and Scor, the broker praises its potential for improvement in fundamentals.


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