Axis Capital price target raised to $120 from $110 at Roth Capital

Roth Capital raised the firm’s price target on Axis Capital (AXS) to $120 from $110 and keeps a Buy rating on the shares. The company reported Q4 operating income of $3.25 per share against the consensus estimate of $3.10, and the key reason for the better earnings relative to estimates was lower catastrophe losses than estimated, the analyst tells investors in a research note. The underlying loss ratio came in as expected, but the reported results included 2 points of favorable loss reserve development, Roth added.