BTIG analyst Eric Hagen downgraded NMI Holdings (NMIH) to Neutral from Buy as part of a broader research note on Mortgage Finance heading into 2023. The rating change is mainly "valuation driven", the analyst tells investors in a research note, stating that while NMI still offers one of the strongest ROEs next year given its clean credit profile onboarded since the pandemic, he is also "more sensitive" to paying up for earnings when stocks like Essent Group (ESNT) can generate roughly the same ROE with a fairly similar risk profile.
Published first on TheFly
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