(News Bulletin 247) – Berenberg announced on Wednesday that it had raised its price target on AXA from 33 to 33.5 euros, while renewing its buy recommendation on the stock.
In a note released in the morning, the analyst recalls that the French insurance giant has recently shown confidence in its ability to achieve operating profit of more than 7.5 billion euros this year.
‘Looking at the first half accounts, and assuming that AXA will manage to generate operating capital in line with its objective of 25% to 30%, in line with its Solvency II model, we believe that this implies the prospect of a result of 7.8 billion euros in 2023, or 100 million more than our forecast of 7.7 billion,” explains the financial intermediary.
Berenberg says he has accordingly raised his estimate of operating profit for the current year by 100 million, and by the same amount his forecasts for the years to come.
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