MKM Partners analyst Harry Fong lowered his price target on Essent Group to $50 and kept his Neutral rating after its Q4 results. The analyst notes that there was "nothing wrong in the numbers" as the company beat on earnings with a loss ratio of 5.3% coming in below his forecast of 8%, but the stock traded down on the release as investors may be realizing that Essent's business is maturing. Fong is also lowering his FY21 EPS view by 20c to $6.60 to reflect his lower portfolio yield estimate, adding that while he still "likes" the company, its current valuation reflects its performance.