MKM Partners analyst Harry Fong raised his price target on Axis Capital to $75 and kept his Buy rating after meeting with its CFO to discuss the company's progress in integrating its Novae acquisition and its reunderwriting initiatives. The analyst also notes that after reporting a "very good" Q2, it appears that Axis Capital may have reached a point where its earnings will start to reflect his bullish expectations. Fong adds that while the company still has "more to accomplish", such as reducing its catastrophe exposure to earnings volatility, the results of Q2 suggest that there is a "major change" in the direction of the company.