In a report released today, Mark Palmer from BTIG assigned a Buy rating to MBIA Inc (NYSE: MBI), with a price target of $14. The company’s shares closed yesterday at $8.78.
Palmer commented:
“Among Takeaways from Meeting with Management The significance of the comprehensive settlement framework offered last week by certain of Puerto Rico’s bondholders, the timing around the potential resolution of the Commonwealth’s debt restructuring, and the extent to which its regulator is attuned to the municipal bond insurers’ situation were among the topics discussed when we met with MBIA (MBI, Buy, $14 PT) management last week at the company’s headquarters in Purchase, NY.”
According to TipRanks.com, Palmer is a 5-star analyst with an average return of 9.9% and a 62.6% success rate. Palmer covers the Financial sector, focusing on stocks such as Santander Consumer USA, Assured Guaranty Ltd, and Synchrony Financial.
MBIA Inc has an analyst consensus of Moderate Buy, with a price target consensus of $14.
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Based on MBIA Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $60 million and GAAP net loss of $98 million. In comparison, last year the company earned revenue of $93 million and had a GAAP net loss of $72 million.
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MBIA, Inc. operates as holding company, which through its subsidiaries, provides financial guarantee insurance, as well as related reinsurance, advisory and portfolio services and asset management advisory services, for the public and structured finance markets.
