MGIC Investment Corp. Coverage Initiated by Analysts at Goldman Sachs Group Inc. (MTG)
Equities research analysts at Goldman Sachs Group Inc. started coverage on shares of MGIC Investment Corp. (NYSE:MTG) in a research note issued to investors on Thursday, TheFlyOnTheWall.com reports. The firm set a “conviction-buy” rating and a $10.00 price target on the stock. Goldman Sachs Group Inc.’s price objective would indicate a potential upside of 23.46% from the company’s current price.
The analysts wrote, “We initiate coverage on the Specialty Finance sector with Buy ratings on MTG (CL-Buy) and RDN (23% and 18% upside to our targets respectively) as we believe their pace of credit improvement is underestimated by the market. The sector also has one of the strongest secular growth outlooks in financials as FHA reform drives increased demand for private mortgage insurance. New entrant ESNT (Neutral) is a pure-play growth story, though lacks the credit upside of MTG and RDN and looks fairly valued in our view.”
Several other analysts have also recently commented on the stock. Analysts at Keefe, Bruyette & Woods upgraded shares of MGIC Investment Corp. from a “market perform” rating to an “outperform” rating in a research note to investors on Tuesday, November 5th. They now have a $10.00 price target on the stock, up previously from $9.00. Separately, analysts at Compass Point raised their price target on shares of MGIC Investment Corp. from $5.00 to $6.50 in a research note to investors on Wednesday, October 16th. They now have a “neutral” rating on the stock. Finally, analysts at Susquehanna raised their price target on shares of MGIC Investment Corp. from $12.00 to $13.00 in a research note to investors on Tuesday, October 15th. They now have a “positive” rating on the stock. Six investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $8.00.
Shares of MGIC Investment Corp. (NYSE:MTG) opened at 8.10 on Thursday. MGIC Investment Corp. has a 52-week low of $1.87 and a 52-week high of $8.59. The stock has a 50-day moving average of $8.03 and a 200-day moving average of $7.13. The company’s market cap is $2.736 billion.
MGIC Investment Corp. (NYSE:MTG) last released its earnings data on Wednesday, October 16th. The company reported $0.04 earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.13) by $0.17. The company had revenue of $254.40 million for the quarter, compared to the consensus estimate of $260.92 million. During the same quarter last year, the company posted ($1.22) earnings per share. MGIC Investment Corp.’s revenue was down 16.9% compared to the same quarter last year. On average, analysts predict that MGIC Investment Corp. will post $-0.26 earnings per share for the current fiscal year.
MGIC Investment Corporation (NYSE:MTG) is a holding company and through wholly owned subsidiaries is a private mortgage insurer in the United States.
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