AXA: Oddo says stock still undervalued

(CercleFinance.com) - Oddo BHF reiterates its "buy" rating, on the AXA stock, maintaining its target price of 28 euros, which despite its significant rise since the 2019 (+22%) is still undervalued (2020 P/E of 7.
6x), trading a discount of over 20% relative to its sector.

In addition to a sound commercial momentum in the first quarter, the broker highlights AXA XL's earnings outlook, which it says should reassure investors, while the group is continuing with rapid deleveraging.

The potential future disposals of AXA Equitable Holdings shares - if market conditions permit - should also accelerate a reduction in the group's risk profile, the analyst who monitors the share adds.


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