AXA S.A.'s (AXA) common stock achieved our target price on 29 June 2009, reflecting the impact of general recent improvement in financial markets and renewed optimism that the recent recovery will limit investment losses for AXA. While we believe that the company's well diversified and relatively lowrisk business model, supported by a prudent acquisition policy, will benefit the company in the long term and take a positive view of the company's…

Contraction in the economies from which the company generates the majority of its premiums (France, the US, Japan and the UK) coupled with volatility in global financial markets are expected to continue to impact the company’s performance in the near to medium term. On 20 March 2009, Fitch downgraded AXA’s Insurer Financial Strength Rating from AA+ to AA- based on concerns that its profitability is likely to be impacted by financial…

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AXA S.A’s (AXA) common stock price has declined significantly since we downgraded the common stock rating from a BUY to a HOLD in our company news alert dated 05 January 2009, reflecting volatility and weakness in equity indices and poor economic conditions. However, we believe the company is fundamentally well placed to withstand economic deterioration. In addition, we believe the company’s plans to expand into high growing emerging…