Stewart price target raised to $75 from $71 at Keefe Bruyette

Keefe Bruyette analyst Bose George raised the firm’s price target on Stewart to $75 from $71 and keeps a Market Perform rating on the shares. The firm increased estimates for the title insurers given expectations that lower interest and mortgage rates will lead to higher volumes in 2025 and 2026. While lower rates will likely spur an increase in refinance activity, the real opportunity for the title insurers will be in the event purchase volumes improve year-over-year, as the fee-per-file on residential purchase transactions are roughly 3-times that of refinance transactions, the analyst tells investors in a research note. Keefe continues to view First American (FAF) as the best way to play the recovery in volumes within the title industry.