Berenberg: AXA Poised for Further EPS Growth After 'Strong' 2024-2026 Track Record

10:56 AM EDT, 09/11/2026 (MT Newswires) -- Berenberg forecasts AXA (CS.PA) will increase its underlying EPS growth target at its Sept. 15 capital markets day, saying the company's "strong" 2024 to 2026 track record "bodes well" for its new three-year strategy set to be presented at the investor event. In a note published Friday, the research firm said it expects the French insurance group to aim for underlying EPS growth of 7% to 9% annually for the 2027 to 2029 period, up from its current target of between 6% and 8% under its 2024 to 2026 strategic plan. "At every reporting period so far in the 2024-26 strategic plan cycle, AXA has delivered the top end of the target range (ie 8% underlying EPS growth). We believe that 7-9% is achievable in 2027-29, supported by this strong track record and a favourable outlook in three key areas: 1) robust investment income from the current "higher-for-longer" outlook for interest rates; 2) likely strong volume growth in health, where the margin turnaround has been achieved in two key markets (the UK and Mexico); and 3) its resilient retail and SME business, particularly across Europe, generating solid growth with attractive pricing," analysts said. "We believe that raising the target to 7-9%, possibly with an implicit commitment to achieving the top end of the range, would very likely lead to a gradual re-rating of the stock towards the level of its peers." The buy recommendation on AXA's stock and price target of 77 euros remain unchanged.