Keefe Bruyette analyst Bose George upgraded First American to Outperform from Market Perform with a price target of $69, up from $66. The firm says its analysis “yields another depressed outlook” for the U.S. mortgage market in 2024 and leaves it with an increasingly positive view on the title insurers when compared to mortgage originators. First American is the “optimal way” to play the long-term recovery in housing, the analyst tells investors in a research note. Keefe thinks the shares could rerate higher towards the second half of 2024 as investors begin to incorporate 2026 estimates into their valuations.
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