Keefe Bruyette downgraded MGIC Investment (MTG) to Market Perform from Outperform with an unchanged price target of $29. The firm says the current rate backdrop suggests that a more meaningful recovery in the purchase market is likely to get pushed out past 2025. Given the higher rate expectations, Keefe are most positive on the mortgage insurers going into 2025. The firm cites valuation for the downgrade of MGIC Investment.
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