FBR Capital Maintains a 'Market Perform' on PMI Group (PMI); Hasn't Turned the Corner Yet
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Price: $0.31 --0%
Rating Summary:
1 Buy, 3 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 11 | New: 6
Rating Summary:
1 Buy, 3 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 11 | New: 6
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FBR Capital maintains a 'Market Perform' on PMI Group (NYSE: PMI), PT lowered from $5 to $2.50.
FBR analyst says, "PMI continues to operate with a thinner capital cushion than competitors. From a relative basis, we expect PMI to take longer to return to profitability and therefore our relative rating. We recently lowered our price target as book value erosion has occurred faster than expected, and thus trough book value will be deeper than previously forecasted. We currently prefer other names in the mortgage insurance space as they (1) have a better capital buffer, and (2) are closer to reporting break-even results in our view."
For more ratings news on PMI Group click here and for the rating history of PMI Group click here.
Shares of PMI Group closed at $1.75 yesterday.
FBR analyst says, "PMI continues to operate with a thinner capital cushion than competitors. From a relative basis, we expect PMI to take longer to return to profitability and therefore our relative rating. We recently lowered our price target as book value erosion has occurred faster than expected, and thus trough book value will be deeper than previously forecasted. We currently prefer other names in the mortgage insurance space as they (1) have a better capital buffer, and (2) are closer to reporting break-even results in our view."
For more ratings news on PMI Group click here and for the rating history of PMI Group click here.
Shares of PMI Group closed at $1.75 yesterday.
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