Radian Group initiated with an Outperform at RBC Capital

RBC Capital initiated coverage of Radian Group (RDN) with an Outperform rating and $47 price target The firm is positive on the company’s “transformative” acquisition of Inigo. The diversification of Radian’s business away from private mortgage insurance should support above-peer earnings growth and a stock re-rating towards property and casualty multiples, the analyst tells investors in a research note. RBC believes Radian’s investor day on June 4 could serve as a near-term catalyst for the shares.