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Compass Point upgrades Axos Financial to 'buy'

Compass Point analyst Scott Valentin upgraded San Diego-based Axos Financial Inc.'s stock rating to "buy" and reduced the price target to $34 from $35.

Valentin wrote that the company's valuation gap relative to peers with high return on equity has widened, which has created an attractive entry point.

He also wrote that considering the high percentage of interest-rate sensitive nontime deposits, he believes the company's balance sheet is well structured to reduce the negative effects of lower short-term interest rates, as lower deposit costs and an increased percentage of higher-yielding commercial real estate and commercial and industrial loans should be able to maintain a relatively stable net interest margin.

Valentin's adjusted EPS estimates for the company are $3.13 for fiscal year 2020 and $3.36 for fiscal year 2021.