Brokerages start coverage of Enact Holdings with positive ratings
11/10/2021 14:49
** At least three brokerages start coverage of Genworth
Financial's mortgage insurance unit ACT.O nearly a month after
its Nasdaq debut
** JPMorgan starts with "overweight" rating, while Goldman
Sachs and BTIG assume with "neutral" and "buy" ratings,
respectively
** BTIG says co's shares are trading at a 21% discount to
their closest peers and believes the gap to peers will close
over time and that investors will be paid to wait via capital
return through either dividends or repurchases
** Adds that the private mortgage insurance industry overall
is undervalued with significant upside potential as housing
strength carries into 2022
** Up to Friday's close, the stock had risen nearly 7% from
its IPO price of $19 on Sept. 16; shares down marginally in
early trading on Monday
(Reporting by Amal S in Bengaluru)
((Amal.S@thomsonreuters.com; within U.S.+1 646 223 8780;
outside U.S. +91 80 6749 3677;))