Fly News Breaks for February 18, 2020
Feb 18, 2020 | 08:59 EDT
Shares of Essent Group closed 5.9% lower on Friday after the company's results revealed decelerating NIW trends, JPMorgan analyst Richard Shane tells investors in a research note. However, management remains optimistic about the environment, as they expect persistent tailwinds from low interest rates, a healthy consumer, and millennials continuing to enter the home buying market, Shane points out. As such, he believes Friday's selloff is an overreaction and keeps an Overweight rating on the shares with a price target of $56, down from $57.50.
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