Axis Capital upgraded to Equal Weight from Underweight at Wells Fargo

Wells Fargo upgraded Axis Capital (AXS) to Equal Weight from Underweight with a price target of $89, up from $78. The firm believes the company is positioned to benefit from a casualty upturn in 2025. Further, reserve conditions should dissipate more as we go through Axis Capital’s annual deep-dive review in Q4, the analyst tells investors in a research note.