MKM Partners Reiterates Buy on MGIC Investment (MTG) Following 1Q
MKM Partners reiterated a Buy rating and $18.00 price target on MGIC Investment (NYSE: MTG) following the company's 1Q earnings release. MGIC reported 2018 first quarter adjusted net operating earnings per share of $0.38 against the consensus estimates of $0.35. The quarter did not have any major surprises which is expected over the next several years as the embedded business rolls off.
The shares of MGIC continues its recent downtrend as the company could not say definitively that the industry would halt continued rate discounting.
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Shares of MGIC Investment closed at $10.50 yesterday.