MGIC Investment Corporation Upgraded to Outperform, Shares Up 6%
<p>RBC Capital upgraded <a href='https://financialmodelingprep.com/financial-summary/MTG'>MGIC Investment Corporation (NYSE:MTG)</a> to outperform from sector perform, increasing their price target to $16 from $15. Shares closed more than 6% higher on Thursday.</p>
<p>According to the analysts, the company is well positioned and attractively valued despite a challenging housing market. The upgrade balances the sentiment headwind of owning "mortgage" stocks in a market fearful of recession and slowing housing market, with the sizable discount to book value where the company’s shares currently trade. The analysts expect shares to rebound towards book value and perhaps higher over time.</p>
<p>According to the analysts, the company and its peers have meaningfully strengthened their balance sheets and insulated their portfolios to withstand even a severe recession.</p>

NYSE:MTG