Axis Capital price target raised to $120 from $118 at Keefe Bruyette

Keefe Bruyette raised the firm’s price target on Axis Capital (AXS) to $120 from $118 and keeps an Outperform rating on the shares after meeting with management. The firm says the meetings reinforced confidence in the company’s prospects for “steady, profitable” specialty property and casualty premium growth, expense ratio improvement, “low-volatility earnings, and intelligent capital deployment,” which should drive continuing multiple expansion over and beyond the next 12 months.