Janney downgrades Axis on muted share repurchases

Investment advisory firm Janney has downgraded its rating on
Bermudian carrier Axis from buy to neutral, after a projected mass
share repurchase in the wake of its unsuccessful bid to acquire
PartnerRe failed to materialise.
Janney analyst Ryan Byrnes previously upgraded the stock from
neutral to buy last summer after the proposed merger collapsed,
with Axis receiving a break-up fee of $315mn. Janney predicted that
this fee would be used as part of a share repurchase programme that
would add...