Wells Fargo upgraded Axis Capital (AXS) to Overweight from Equal Weight with a price target of $123, up from $105. The firm sees improving premium growth post remediation, for Axis as well as expense ratio upside from its new Rac Re vehicle. Under new CEO Vince Tizzio, the company has improved its returns and reduced earnings volatility, the analyst tells investors in a research note. Wells says Axis Capital will be through remediation efforts within its insurance book in Q3, which is the last step in the portfolio simplification.
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