JP Morgan Analyst Raises NMIH Price Target by 2.9% with Strong Buy Rating

By Don Francis, Editor
April 4, 2024 6:45 AM UTC
JP Morgan Analyst Raises NMIH Price Target by 2.9% with Strong Buy Rating

JP Morgan's Richard Shane raised their price target on Nmi Holdings (NASDAQ: NMIH) by 2.9% from $34 to $35 on 2024/04/03. The analyst maintained their Strong Buy rating on the stock.

In a recent update on consumer finance names, Shane advised investors to take advantage of the recent rally in the sector by taking profits to reduce risk. While the analyst did not suggest that "the sky is falling," they cautioned that the sector has rallied too quickly, which may create a gap between fundamentals and prices.

Furthermore, on the same day, the analyst made several changes to other names in their portfolio. They raised their price target on Discover Financial Services by 9.1% to $120 and maintained a Hold rating. Synchrony Financial saw its price target raised by 7.7% to $42, also with a Hold rating. Slm Corp had its price target increased by 10% to $22, again with a Hold rating. Enact Holdings Inc received a 3.3% increase in its price target to $31, while Navient Corp had its price target lowered by -5.6% to $17. Interestingly, Navient Corp also saw an upgrade from Strong Sell to Hold.

NMIH, the focus of JP Morgan's Richard Shane's latest price target increase, has been receiving positive attention from analysts. Approximately 80% of top-rated analysts currently rate the stock as either a Strong Buy or Buy, with the remaining 20% seeing it as a Hold. No analysts recommend or strongly recommend selling the stock.

Looking at the consensus forecast among analysts, it is expected that NMIH will deliver earnings per share (EPS) of $4.22 in the upcoming year. If these predictions hold true, NMIH's next yearly EPS will see a 7.9% increase on a year-over-year basis.

In terms of stock performance, NMIH has shown positive growth. Since its last quarterly report on 2023/12/31, the stock price has risen by 7.3%. Furthermore, on a year-over-year basis, the stock has surged by an impressive 42.7%. During this period, NMIH has outpaced the S&P 500, which has seen a growth of 26.4%.

Analyzing the background of JP Morgan analyst Richard Shane, we find that WallStreetZen ranks them in the top 14% out of 4,532 Wall Street analysts. Shane specializes in the Real Estate and Financial Services sectors and boasts an average return of 6.7% and a 53.5% win rate.

NMI Holdings, Inc. is a company that provides private mortgage guaranty insurance services in the United States. Additionally, the company offers outsourced loan review services to mortgage loan originators. NMI Holdings, Inc. primarily serves various mortgage lenders, including national and regional banks, credit unions, community banks, and non-bank lenders. The company was incorporated in 2011 and is headquartered in Emeryville, California.

What is the average price target for NMIH?

WallStreetZen tracks the performance of nearly 4,000 Wall Street analysts, whom we rank by average returns, frequency, and win-rate (backtested over multiple years).

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