Wunderlich Maintains Buy on Axis Capital Holdings (AXS)

Wunderlich is out with its report today on Axis Capital Holdings AXS, maintaining Buy. In a note to clients, Wunderlich writes, "We believe Buy-rated AXIS Capital Holdings has sufficient capital and a strong balance sheet to withstand 1Q11 catastrophes. Yesterday, AXS provided loss estimates of $275-$315 million for its exposure to the 1Q11 New Zealand earthquake and Australian floods; we are assuming the mid-point at $295 million. In addition, AXS commented on the 1Q11 Japanese earthquake. We estimate AXS's Japanese loss at $152.75 million. Our estimated total loss in 1Q11 is $472.75 million pre-tax, or a loss of $3.36 per share, versus our prior 1Q11 EPS estimate of $1.13. We estimate a loss of $2.24 per share in 1Q11 and a gain of $1.54 a share for the year. Our 2012 EPS estimate of $5.35 is unchanged." Wunderlich maintains a $45 PT on AXS. Shares of AXS closed Monday at $33.34