Barclays Sidelined on Radian Group (RDN); Cutting Estimates on Continued Risk
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Price: $37.26 +1.06%
Rating Summary:
11 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
11 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Barclays maintains an 'Underweight' on Radian Group (NYSE: RDN) price target of $3.00.
Analyst, Mark C. DeVries, said, "We believe the recent weakness in the mortgage
insurance stocks (down 37% since 3/30/12 vs. a 1% drop in the S&P 500) is due to declining expectations for GSE principal forgiveness modifications, but also think RDN's 1Q12 miss revealed a few incrementally negative points, while also
underscoring our previous concerns about loss development and reserve adequacy."
DeVries said the recent pullback could make 'longs' more enticed, but Barclays remains sidelined, citing near-term news being possibly more negative than positive. He specifically cites credit and reserve uncertainty. FY12 EPS loss cut from -1.35 to -2.50 and FY13 from -0.20 to -0.25.
For an analyst ratings summary and ratings history on Radian Group click here. For more ratings news on Radian Group click here.
Shares of Radian Group closed at $2.62 yesterday.
Analyst, Mark C. DeVries, said, "We believe the recent weakness in the mortgage
insurance stocks (down 37% since 3/30/12 vs. a 1% drop in the S&P 500) is due to declining expectations for GSE principal forgiveness modifications, but also think RDN's 1Q12 miss revealed a few incrementally negative points, while also
underscoring our previous concerns about loss development and reserve adequacy."
DeVries said the recent pullback could make 'longs' more enticed, but Barclays remains sidelined, citing near-term news being possibly more negative than positive. He specifically cites credit and reserve uncertainty. FY12 EPS loss cut from -1.35 to -2.50 and FY13 from -0.20 to -0.25.
For an analyst ratings summary and ratings history on Radian Group click here. For more ratings news on Radian Group click here.
Shares of Radian Group closed at $2.62 yesterday.
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