UBS analyst Brian Meredith upgraded Axis Capital to Buy from Neutral and raised his price target for the shares to $67 from $59. Given the company's "substantial exposure" to the improving U.S. excess and surplus lines, consensus estimates for 2020 earnings and return-on-equity are overly conservative, Meredith tells investors in a research note. Further, management's actions to reduce earnings volatility through underwriting, third party capital and additional ceded reinsurance should drive a lower equity cost of capital and contribute to Axis Capital's shares re-rating higher, adds the analyst.