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FNMA

Fannie Mae

$0.00 /

+ (+0.00%)

, FMCC

Freddie Mac

$0.00 /

+ (+0.00%)

10:17
04/06/20
04/06
10:17
04/06/20
10:17

Fannie, Freddie downgraded to Sell with $1 targets at B. Riley FBR

B. Riley FBR analyst Randy Binner this morning downgraded both Fannie Mae (FNMA) and Freddie Mac (FMCC) to Sell from Neutral with price targets of $1, down from $2. The CARES Act has created significant consequences for the mortgage space, Binner told investors in a research note. For mortgage insurers, elevated delinquency expectations resulting from the 12-month mortgage holiday embedded in the CARES Act have raised questions about capital adequacy under the Private Mortgage Insurer Eligibility Requirements, adds the analyst. While a liquidity solution for mortgage servicers is likely, says Binner, the CARES Act highlights the risk profile for the broad guarantees written by Fannie and Freddie. Pressure here "could significantly impact earnings and reduce chances of recap and release," according to Binner. On the flip side, the analyst keeps Buy ratings on both MGIC Investment (MTG) and NMI Holdings (NMIH). The stocks have already started to discount a capital raise, says Binner.

FNMA

Fannie Mae

$0.00 /

+ (+0.00%)

FMCC

Freddie Mac

$0.00 /

+ (+0.00%)

MTG

MGIC Investment

$5.47 /

+0.5 (+10.06%)

NMIH

NMI Holdings

$10.60 /

+0.92 (+9.50%)

  • 23

    Apr

FNMA Fannie Mae
$0.00 /

+ (+0.00%)

04/06/20 B. Riley FBR
Fannie Mae downgraded to Sell from Neutral at B. Riley FBR
02/27/20 Odeon Capital
Fannie, Freddie downgraded to Sell from Hold by Odeon's Bove
02/27/20 Odeon Capital
Fannie Mae downgraded to Sell from Hold at Odeon Capital
02/24/20 Nomura Instinet
Nomura reiterates Buys on Fannie and Freddie, sees consent decree as likely
FMCC Freddie Mac
$0.00 /

+ (+0.00%)

04/06/20 B. Riley FBR
Freddie Mac downgraded to Sell from Neutral at B. Riley FBR
02/27/20 Odeon Capital
Freddie Mac downgraded to Sell from Hold at Odeon Capital
MTG MGIC Investment
$5.47 /

+0.5 (+10.06%)

04/01/20 BofA
MGIC Investment upgraded to Buy from Underperform at BofA
03/26/20 RBC Capital
MGIC Investment price target lowered to $9 from $16 at RBC Capital
03/11/20 B. Riley FBR
B. Riley FBR downgrades CNO Financial, Progressive to Neutral from Buy
12/19/19 B. Riley FBR
MGIC share consolidation phase nearly complete, says B. Riley FBR
NMIH NMI Holdings
$10.60 /

+0.92 (+9.50%)

03/26/20 RBC Capital
NMI Holdings price target lowered to $18 from $38 at RBC Capital
03/09/20 Barclays
NMI Holdings shares are 'too cheap,' says Barclays
02/26/20 Susquehanna
NMI Holdings valuation de-risked, Susquehanna upgrades shares

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