BMO Capital Upgrades AXIS Capital (AXS) to Market Perform

BMO Capital upgraded AXIS Capital (NYSE: AXS) from Underperform to Market Perform with a price target of $46.00 (from $44.00) following 2Q14 results.

Analyst Charles J. Sebaski cited: 1) At the current valuation we see limited name specific downside; 2) The underwriting deterioration, which was a root cause of our downgrade is still incorporated into our estimates and new price target; and 3) Management provided additional disclosure on firm-wide catastrophe risk exposure this quarter for which we lowered our catastrophe loss estimates for 3Q14 and 3Q15.

For an analyst ratings summary and ratings history on AXIS Capital click here. For more ratings news on AXIS Capital click here.

Shares of AXIS Capital closed at $43.55 yesterday.

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