AXA: Credit Suisse still a buyer

(CercleFinance.com) - Credit Suisse reiterates its "outperform" rating on the AXA share, along with its target price of 22 euros, only making "limited changes to our forecasts (where we remain ~5% ahead of consensus)" for the insurer.


"The market's reaction to AXA's FY19 dividend disappointment is understandable... However, we think the future dividend outlook from here looks secure and attractive (8-9% 2020E-21E DY)," the broker says.

"On a risk adjusted basis, AXA's valuation looks too inexpensive to us, especially in the context of 1H20 earnings beating consensus" Credit Suisse adds.


Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.