FICO initiated with an Outperform at Mizuho

Mizuho analyst Sean Kennedy initiated coverage of FICO (FICO) with an Outperform rating and $1,416 price target The market is overestimating FICO’s VantageScore competitive risk in mortgage with the shares down significantly year-to-date, the analyst tells investors in a research note. The firm says the company has dominate market share and is positioned to benefit meaningfully from a refinancing recovery should mortgage rates fall. It expects “robust” free cash flow generation and significant share repurchases from FICO.