Berenberg on Tuesday maintained its buy recommendation on AXA shares, with a target price of 41.5 euros, saying it sees an "attractive" risk/reward profile at current price levels.

Since June 5, i.e. before the European election results and the announcement of the dissolution, AXA shares have fallen by 9%, the analyst points out, far more than the 2% surrendered in the meantime by the STOXX Europe 600 Insurance European sector index.

We believe, however, that the impact of widening bond spreads on AXA's fundamentals is minimal", tempers the intermediary, who believes that such a downturn will represent a buying opportunity once political uncertainty has subsided.

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