Citi Maintains Hold On Axis Capital (AXS)

Citi Investment Research is maintaining its Hold rating and $36 price target on Axis Capital Holdings Limited AXS. In a research report sent to investors, Citi writes, "The key driver for the beat was better than expected Combined Ratio and higher investment income, partially offset by an $85M hit from New Zealand. Increasing our FY 2010 est to $4.29 on the beat, ‘11E goes to $4.20 as we factor in reserve releases, ‘12E cut to $4.00 due to the persistent low interest rate environment. Maintain Hold and $36 Target Price." Shares of AXS lost 1 cent yesterday to close at $35.92