MGIC Investment rises after KBW upgrades to 'outperform'

MGIC Investment

03/06/2024 19:12

** Shares of mortgage insurance provider MGIC Investment
 MTG.N  rise as much as 2.7%, last up 1% at $21.21
    ** KBW upgrades MTG to "outperform" from "market perform";
raises PT to $25 from $24, which represents a 19% upside to the
last close
    ** Brokerage says the underperformance of the shares QTD has
created an attractive entry point
    ** Sector fundamentals remain solid as credit continues to
be a tailwind given strong home price appreciation and a
resilient job market - KBW
    ** Six of nine brokerages rate the stock "buy" or higher,
and three "hold"; their median PT is $22.25 - LSEG
    ** As of last close, MTG shares were up 8.9% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))