Axos Financial price target lowered to $72 from $80 at Raymond James

Raymond James lowered the firm’s price target on Axos Financial (AX) to $72 from $80 and keeps an Outperform rating on the shares. Axos reported “solid” Q3 results, with re-accelerating organic growth, and growth in fund finance and lender finance supporting a 15% annual pace of growth, the analyst tells investors in a research note. The firm projects the bank generates a 47% efficiency ratio, supporting a 1.65% return on average assets, mid-teens return on average tangible common equity, and high-teens compounding tangible book value growth.