BTIG Says Buy 'Any Weakness' in MBIA (MBI) Following Moody's Downgrade

Shares of MBIA (NYSE: MBI) are underperforming the US's major averages Tuesday despite an optimistic research note from BTIG's Mark Palmer earlier. The stock last traded at $11.70, up only 1.6 percent on the session, compared to a 2.5 percent rise on the S&P 500.

The analyst told clients to purchase shares of MBIA on "any weakness" following a Moody's senior debt rating downgrade on the company late Monday. Moody's also downgraded ratings on MBIA's National Public Finance Guarantee Corp. Palmer believes a near-term settlement with BofA (NYSE: BAC) would likely cause Moody's to review its rating on National Public Finance.

BTIG currently rates MBIA shares a Buy with a $22.50 price target.

Visit our Analyst Ratings page to track all the market-moving analyst action on shares of MBIA.

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