Fidelity National price target lowered to $47 from $48 at BTIG

BTIG analyst Soham Bhonsle lowered the firm’s price target on Fidelity National to $47 from $48 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 results in Title Insurance. Amidst a very challenging mortgage origination backdrop, the onus shifts to cost control as the driver of earnings growth, and while Title Insurers have done a commendable job in managing their expenses/margins to date, given the 8% mortgage rates, the upper bounds of how much more can be done on expenses will be tested in the near term, the analyst tells investors in a research note.