Axis Auto Finance downgraded to Hold from Speculative Buy at Canaccord

Canaccord analyst Scott Chan downgraded Axis Auto Finance to Hold from Speculative Buy with a price target of C$0.50, down from C$0.65. The analyst reduced estimates following the fiscal Q2 miss and says that while Axis has the ability to adapt to deteriorating macro conditions, a meaningful adverse impact on credit "cannot be ruled out."