RBC Capital downgraded MGIC Investment to Sector Perform from Outperform with a price target of $15.70, down from $17. The stock has neared fair value in the current macro risk/reward environment, the analyst tells investors in a research note. The firm expects strong earnings from MGIC in the second half of 2023 and 2024, but says the current housing market is more challenging for growth due to affordability pressures.
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