RBC Starts Coverage on AXA with 'Outperform,' Flags Undervalued Profit Progress
RBC Capital Markets began coverage of AXA SA with an "outperform" rating and a €48 12-month target, representing roughly 28% upside from a €37.46 close. The brokerage says market multiples understate structural improvements in AXA's profitability and risk profile, while forecasting stronger Life & Health earnings and projecting a fair value based o…