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Fly News Breaks for January 17, 2017
AXS
Jan 17, 2017 | 07:30 EDT
Macquarie analyst Amit Kumar downgraded Axis Capital to Underperform with a $55 price target. The analyst expects reinsurers to trade at lower levels in 2017/2018 as the focus surrounds the commercial names in 2017 due to taxation headlines. Additionally, Kumar said Axis has attempted to redefine itself after the failed acquisition of PartnerRe. However, this franchise carries the real risk of an attempted dilutive acquisition down the road.
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