Deutsche Bank upgrades Fidelity National on positive catalyst in 2025

Deutsche Bank last night upgraded Fidelity National (FNF) to Buy from Hold with a price target of $77, up from $76. The company “trades cheaply on muted title earnings,” but it should to spin off its interest in F&G Annuities & Life (FG) in 2025, which should unlock value from a sum-of-the-parts discount and provide a catalyst for outperformance that is independent of the mortgage cycle, the analyst tells investors in a research note. Deutsche sees an attractive sum-of-the-parts valuation gap for Fidelity National with an upcoming catalyst and an “industry-leading” title business.