MGIC Investment price target raised to $20 from $18 at BTIG

BTIG raised the firm’s price target on MGIC Investment to $20 from $18 and keeps a Buy rating on the shares. The stock is around 1.0-times GAAP book value and 7.5-times expected next year’s earnings, which “more or less aligns” with the average across the six private mortgage insurers, the analyst tells investors in a research note. The firm added that its higher price target reflects a valuation roll-forward using 1-times its estimate for tangible book value at the end of next year.