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Fly News Breaks for June 17, 2015
PRE, AXS
Jun 17, 2015 | 07:52 EDT
As noted earlier, BMO Capital downgraded AXIS to Market Perform from Outperform. The firm downgraded the stock on valuation, as it believes that the stock has risen on investors' belief that the company would become a takeout candidate if its merger with PartnerRe (PRE) fails. However, the firm is not confident that a bidder will emerge, and it expects the stock to decline to the low $50s if the vote on its merger with PartnerRe passes. Target $59.
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