MGIC Investment price target raised by $2 at BTIG, here’s why

BTIG analyst Eric Hagen raised the firm’s price target on MGIC Investment to $22 from $20 and keeps a Buy rating on the shares. The firm continues to like the stock into 2024 as the current market backdrop can likely support a mid-teens return on equity without leaning into as much interest rate sensitivity, the analyst tells investors in a research note. In addition, BTIG doesn’t see lower rates being required for the company to return upwards of $300M of capital next year.