NMI Holdings upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette analyst Bose George upgraded NMI Holdings (NMIH) to Outperform from Market Perform with a price target of $48, up from $46. The firm expects a decline in short rates in 2026, but thinks the long-end will remain fairly range-bound. Heading into 2026, Keefe is “reasonably constructive” on the mortgage insurers given its expectation that the companies will generate double-digit book value growth. It upgrades NMI Holdings as part of its 2026 outlook.