Axis Capital initiated with a Buy at TD Cowen

TD Cowen initiated coverage of Axis Capital with a Buy rating and $118 price target Under new management, the company’s underwriting has improved following a “huge” Q4 of 2023 reserve charge and several actions, including pricing measures, lower limits, exiting property-cat reinsurance, and portfolio rebalancing toward short-tail lines, the analyst tells investors in a research note. The firm says the rising excess and surplus market along with lower expense ratios should also act as tailwinds for the shares.