NMI Holdings upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette upgraded NMI Holdings (NMIH) to Outperform from Market Perform with an unchanged price target of $43. The shares now trading at “just” a 0.15 times tangible book value premium to the group average versus the longer term average premium of 0.30 times, the analyst tells investors in a research note. The firm believes NMI deserves more of a premium multiple and says the Department of Government Efficiency-driven job cuts at the Federal Housing Administration and Ginnie Mae ahead of the spring selling season could temporarily shift some market share to the mortgage insurers.