RBC Capital upgraded NMI Holdings to Outperform from Sector Perform with a price target of $48, up from $40. The mortgage insurance marketplace is facing greater uncertainty with higher mortgage rates, home affordability issues, and macro volatility, but the firm views NMI Holdings as “well positioned” vs, its peers, the analyst tells investors in a research note. NMI has among the highest credit quality portfolios, and it’s growth trends should outpace its peers due to increased account penetration, the firm adds, also citing the company’s “strong” earnings growth over the past year.
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