(News Bulletin 247) – Oddo BHF maintains its Outperformance opinion on the Axa share with a price target of 34E.
‘ We forecast a drop in the solvency margin to 203% at the end of March (vs 215% at the end of 2022), below the consensus (208%), but which nevertheless remains well above the group’s target level (~190%) ‘ , notes the analyst.
Above all, ‘the group continues to benefit from favorable operational dynamics with a controlled risk profile’, continues the analyst.
‘We still believe that the current price does not reflect the group’s favorable profitability outlook (including for AXA XL), the strength of its balance sheet and the expected level of return of capital to shareholders’, continues Oddo BHF.
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