Fly News Breaks for December 19, 2019
Dec 19, 2019 | 08:33 EDT
B. Riley FBR analyst Randy Binner believes a consolidation phase for shares of MGIC Investment in the mid-teen range is nearly complete. The analyst raised his price target for the stock to $19 from $18 and reiterates a Buy rating on the name. The "reward-to-risk is favorable, at 2 to 1 in our valuation analysis," Binner tells investors in a research note. He believes Washington policy matters should offer a "benign backdrop" in 2020 while MGIC's pivot to a distribution model should enable a higher multiple.
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