JPMorgan upgraded Essent Group (ESNT) to Overweight from Neutral with an unchanged price target of $60. The firm cites the stock’s lower multiple and reduced credit risk as higher coupon mortgages refinance for the upgrade. More recent delinquencies are also exhibiting favorable cure performance, which is keeping Essent’s provision expense below expectations, the analyst tells investors in a research note.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ESNT: