Essent Group price target lowered to $61 from $63 at Barclays

Barclays lowered the firm’s price target on Essent Group (ESNT) to $61 from $63 and keeps an Equal Weight rating on the shares. The firm adjusted mortgage finance targets as part of a Q1 earnings preview, saying higher rates have reset valuations lower. Despite a 40 basis point increase off the February trough for the 30-year fixed-rate mortgage, it is only modestly higher than at the start of the year, the analyst tells investors in a research note. Barclays sees positive risk/rewards at current valuations for the mortgage origination-levered stocks.