RBC Capital Starts MGIC Investment (MTG) at Sector Perform

RBC Capital analyst Rowland Mayor initiates coverage on MGIC Investment (NYSE: MTG) with a Sector Perform rating and a price target of $28.00.

The analyst comments " We are initiating coverage of shares of MGIC Investment Corporation at a Sector Perform rating and $28 target. Our estimates sit largely in-line with Consensus, and we believe the key drivers of the business are well known. The company has done a good job navigating a housing slowdown, with significant buybacks (approaching 40% of shares since 2Q21) and disciplined expense management. As the industry's largest player (as measured by Insurance In-Force), we believe MGIC is likely limited by slow mortgage origination activity and see more risk of credit deterioration than growth re-acceleration as limiting upside potential"

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

Shares of MGIC Investment closed at $26.17 yesterday.

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