Sterne Agee Discusses Axis Capital's Earnings (AXS)

Sterne Agee discusses Axis Capital Holdings Ltd. AXS earnings, after it reported earnings yesterday. It has a Neutral rating and a $38 price target. In a note to clients, Sterne Agee writes, "Fully diluted book value came in at $39.01 vs. $36.55 at 2Q and our $39.06 estimate. Fully diluted tangible BV increased to $38.36 from $35.89. Our 2010 estimate is decreasing from $4.40 to $4.37 to reflect the third quarter results, and our 2011 and 2012 estimates remain unchanged at $4.15 and $3.95, respectively. The stock is currently trading at 89% of tangible book value. We continue to rate AXS neutral." Shares of AXS gained 11 cents yesterday to close at $34.16, a gain of 0.32%.