Goldman Sachs downgraded MGIC Investment (NYSE: MTG) from Conviction Buy to Buy with a price target of $10.00 (from $11.00). Analyst Eric Beardsley pointed out a less bullish credit and revenue outlook.

"Following 4Q earnings, which included (1) pricing changes that could lead to slower revenue growth (exhibit 1), (2) guidance for slower credit improvement (MTG no longer expects the claim rate to fall in 2016), and (3) a lower-than-expected outlook for premiums (reinsurance impact), we remove MTG from the Conviction List," said Beardsley.

"With the stock trading at <1x TBV of $6.58 despite mid-teens ROE, we reiterate our Buy rating and see 57% upside to our 12-month price target of $10," he added.

For an analyst ratings summary and ratings history on MGIC Investment click here. For more ratings news on MGIC Investment click here.

Shares of MGIC Investment closed at $6.36 yesterday.