UBS initiated coverage of Enact Holdings with a Neutral rating and $29 price target. The analyst initiated coverage of the mortgage Insurers saying the near-term environment remains favorable with strong credit quality, stability on new pricing and strong capital positions. However, with the favorable industry dynamics well known, UBS does not see any catalysts for the sector to re-rate above the current valuation range, the analyst tells investors in a research note. NMI is the firm’s top pick due to its best credit quality and “cheapest” valuation.
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