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Upgrade Alert for MGIC Investment (MTG)

By Amy Schwartz

MGIC Investment (NYSE:MTG) was upgraded from Neutral to Buy at Compass Point today. The stock closed yesterday at $6.84 on volume of 13.8 million shares, above average daily volume of 4.8 million.

In the past 52 weeks, MGIC Investment share prices have been bracketed by a low of $5.36 and a high of $11.72 and closed yesterday at $6.84, 28% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has slid 1%.

Potential upside of 78.1% exists for MGIC Investment, based on a current level of $6.84 and analysts' average consensus price target of $12.18. The stock should run into initial resistance at its 50-day moving average (MA) of $7.40 and subsequent resistance at its 200-day MA of $8.70.

MGIC Investment Corporation, through its subsidiary, provides private mortgage insurance coverage in the United States. The Company's customers include thrifts, mortgage bankers and brokers, commercial banks, credit unions, and other lending institutions. The Company also provides, through subsidiaries, underwriting and contract services related to home mortgage lending.

SmarTrend is monitoring the recent change of momentum in MGIC Investment. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of MGIC Investment in search of a potential trend change.

Keywords: analyst upgrades/downgrades mgic investment

Ticker(s): MTG