AXA: Berenberg sees buy opportunity

(CercleFinance.com) - Berenberg on Tuesday maintained its buy recommendation on AXA shares, with a target price of E41.
5, saying that it sees an "attractive" risk/reward profile at current price levels.

Since 5 June, i.e. before the European election results and the announcement of the dissolution of French parliament, AXA shares have fallen by 9%, the analyst points out, far more than the 2% fall in the STOXX Europe 600 Insurance European sector index.

However, analysts believe that the impact of widening bond spreads on AXA's fundamentals is minimal, they say, believing that such a downturn will represent a buy opportunity once political uncertainty has subsided.


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