(News Bulletin 247) – Berenberg renewed its buy recommendation on AXA on Friday, with a target price of 33 euros, showing an upside potential of more than 20%.
In a research note, the German financial intermediary evokes a “formidable file” which is nevertheless treated on the basis of a “small price” on the stock market.
“The company has now fully completed its transformation from a group mainly focused on life insurance to non-life activities and therefore exceeds expectations in terms of shareholder return”, summarizes the analyst.
Despite the strength of its cash flow, the stock is trading on the basis of an attractive PER ratio of 7.4x by 2024, notes the professional, against an average of 9x for the sector in Europe and 8.1x for Allianz.
Copyright (c) 2023 News Bulletin 247. All rights reserved.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.