Axos Financial downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette downgraded Axos Financial to Market Perform from Outperform with an unchanged price target of $79. Following the over 50% run in the stock over the past three months, Axos now trades in-line with the group on earnings and a “substantial” 28% premium on tangible book value, the analyst tells investors in a research note. The firm says further multiple expansion is unlikely at this stage of the cycle. As such, it recommends investors take profits after the outperformance.