Barclays upgraded First American (FAF) to Overweight from Equal Weight with a price target of $72, up from $70, ahead of the Q1 report. The firm cites valuation for the upgrade following the stock’s recent pullback. 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.
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