RBC Capital analyst Rowland Mayor initiates coverage on MGIC Investment (NYSE: MTG) with a Sector Perform rating and a price target of $28.00.

The analyst comments " We are initiating coverage of shares of MGIC Investment Corporation at a Sector Perform rating and $28 target. Our estimates sit largely in-line with Consensus, and we believe the key drivers of the business are well known. The company has done a good job navigating a housing slowdown, with significant buybacks (approaching 40% of shares since 2Q21) and disciplined expense management. As the industry's largest player (as measured by Insurance In-Force), we believe MGIC is likely limited by slow mortgage origination activity and see more risk of credit deterioration than growth re-acceleration as limiting upside potential"

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Shares of MGIC Investment closed at $26.17 yesterday.