MGIC Investment (NYSE: MTG) received a number of price target changes and ratings updates during the last week:
- MGIC Investment had its price target raised by analysts at Compass Point from $2.50 to $3.00. They now have a “buy” rating on the stock.
- MGIC Investment had its “neutral” rating reaffirmed by analysts at Zacks. They now have a $3.25 price target on the stock. Zacks‘ analyst wrote, “MGIC Investment Corp. suffered an operating loss in the fourth quarter of 2012, substantially higher than the Zacks Consensus Estimate. The company has been posting losses for the past several years due to mortgage market woes. Its continued weak performance reflects its stressed capital position and continuing claim losses. Though the housing market, on which the company’s business performance is primarily dependent, is gradually recovering, uncertainty relating to new business growth keeps us on the sidelines. MGIC has been facing higher paid losses and lower premium income as well. Management currently expects to report losses. The performance of MGIC is contingent on the overall U.S. economy and the employment scenario. Thus, we remain cautious on the stock until any sign of stability appears in MGIC’s operating results, and the industry’s legal as well as regulatory environments become clearer. “
- MGIC Investment had its price target raised by analysts at FBR Capital from $1.00 to $4.00. They now have a “market perform” rating on the stock.
- MGIC Investment had its price target raised by analysts at KBW from $1.00 to $4.00. They now have a “market perform” rating on the stock.
- MGIC Investment is now covered by analysts at Susquehanna. They set a “neutral” rating and a $4.50 price target on the stock.
- MGIC Investment was upgraded by analysts at Barclays Capital from an “underweight” rating to an “overweight” rating. They now have a $8.00 price target on the stock, up previously from $1.00.
MGIC Investment traded up 27.75% on Tuesday, hitting $5.34. MGIC Investment has a 52-week low of $0.66 and a 52-week high of $5.37. The stock’s 50-day moving average is currently $2.92. The company’s market cap is $1.079 billion.
MGIC Investment Corporation (MGIC) is a holding company and through wholly owned subsidiaries is a private mortgage insurer in the United States.
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