As previously reported, BofA double downgraded MGIC Investment (MTG) to Underperform from Buy with a $25 price target MGIC now trades at a premium to peers, but the firm’s updated price target means the stock offers the lowest absolute return in the analyst’s Mortgage Insurance coverage, warranting a relative Underperform rating, the analyst tells investors. For the group as a whole, however, the firm expects the current supportive housing credit backdrop to continue into 2025, the analyst added.
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