Axos Financial price target lowered to $84 from $88 at DA Davidson

DA Davidson lowered the firm’s price target on Axos Financial (AX) to $84 from $88 but keeps a Buy rating on the shares after its Q1 results. The company’s quarter was stronger than projected, with Axos coming in with stronger EPS and pre-provision net revenue per share on the strength of stronger fee income, well-controlled expenses, and modestly lower than projected provision expenses, the analyst tells investors in a research note. Axos is focused on maintaining its sub-50% efficiency ratio and will continue to control expenses relative to revenue growth, the firm adds.