AXA : Deutsche Bank raises its price target
In a research note, the analyst points out that the STOXX Europe 600 Insurance sector index has gained 12.1% this year, in line with the STOXX Europe 600 (+11.5%), but ten points below that of banks on the Old Continent.
With the prospect of bond yields peaking, credit spreads easing and premiums in the property-casualty sector continuing to rise, the conditions are ripe for European insurance stocks to outperform, says Deutsche, highlighting the strength of the sector's balance sheets.
Concerning AXA, which it lists as one of its "top picks" alongside a.s.r., Direct Line, Legal & General and Scor, the intermediary hails its potential for fundamental improvement.
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