Axis Capital price target raised to $110 from $103 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Axis Capital (AXS) to $110 from $103 and keeps a Neutral rating on the shares. In a sector note on Americas Insurance, the firm said it expects “strong and fairly resilient” insurer profitability for the next few years, but added that it believes we are “solidly in the softening phase” of the P&C insurance cycle, which leads to “increased capital supply and competition, which should drive a deceleration in growth/pricing/margins, that we think are broadly underappreciated within Street estimates.”