Axis Capital initiated with an Outperform at Mizuho

Mizuho initiated coverage of Axis Capital (AXS) with an Outperform rating and $133 price target The firm rolled out coverage of 23 companies, including six life insurers, 11 property and casualty insurers and six insurance brokers. It prefers life insurance, saying the group is undervalued despite credit concerns. Mizuho is less constructive on the property and casualty insurers and brokers citing market softening, plateauing investment yields and reserve concerns. The analyst expects insurance broker organic growth to moderate and is concerned that this may drive more aggressive acquisitions.