Axos Financial (AX) is outperforming after buy-side attention returned to the name following a Raymond James upgrade to Strong Buy earlier this month, which has been circulating across trading desks as a key catalyst for a re-rating. The call highlighted upside potential even with a lower stated target, helping drive incremental demand in a relatively thin-float regional-bank universe.

Raymond James moved AX from Outperform to Strong Buy on April 7, 2026, while setting a $100 price target (revised from $110). Even with the reduced target, the stronger rating has been interpreted as a conviction signal on fundamentals and relative value versus peers, supporting follow-through buying as AX trades near the high-$90s.

Adding to the positive tone, Axos Bank received OCC approval on March 19, 2026 for a planned deposit acquisition, with the company expecting to close the transaction in the quarter ending June 30, 2026. Traders are treating the approval timeline as a tangible de-risking step that could support funding mix, balance-sheet flexibility, and growth capacity if the deal closes as planned.