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Fly News Breaks for April 1, 2019
FAF
Apr 1, 2019 | 06:14 EDT
Piper Jaffray analyst Jason Deleeuw upgraded First American Financial to Overweight from Neutral and raised his price target for the shares to $67 from $59. The recent dovish shift in Federal Reserve rate policy and slower growth expectations will keep interest rates around current levels or lower, Deleeuw tells investors in a research note. The analyst believes this will be favorable for home purchase activity. In addition, First American shares have defensive characteristics and another 50 basis point interest rate step down "would likely drive a meaningful refinance wave," Deleeuw says.
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