Compass Point upgraded Radian Group (RDN) to Buy from Neutral with a price target of $29, up from $22.50. The mortgage insurance sector is an "unlikely and overlooked place to find value with an interesting upside/downside setup" in a volatile market environment for financial institutions, the analyst tells investors. The firm had previously downgraded MGIC Investment (MTG) and Radian to Neutral because of significant concerns about potential home price declines, but trends have been "better than feared" and the pace of home price declines has slowed, the analyst added.
Published first on TheFly
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