BTIG Affirms MGIC Investment (MTG) at 'Buy' Following Stronger-than-Expected Q2 Results

BTIG affirms MGIC Investment (NYSE: MTG) with a Buy rating and $12 price target following strong Q2 results reported earlier today.

Analyst Mark Palmer commented today, While a wholesale revival of MGIC Investment Corporation’s (MTG) stock price is likely to require some follow-through from the U.S. government in its promises to cede a much more significant portion of the mortgage insurance space to private insurers, the much-stronger-than-expected 2Q16 results that the company reported this morning should serve as a reminder to investors of the company’s potential, particularly in light of its discount valuation.

On the Buy rating, Palmer commented, While persistent buzz about a potential FHA mortgage insurance rate cut may serve as a near-term headwind to the stock, we believe MTG’s 2Q16 performance demonstrated that it remains a solid franchise and that its stock represents an interesting source of optionality.

For an analyst ratings summary and ratings history on MGIC Investment click here. For more ratings news on MGIC Investment click here.

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