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Radian investors cash in some chips after earning beat

Published 10/27/2016, 11:42 AM
Radian investors cash in some chips after earning beat
  • The stock's had more than a 50% run higher over the last four months, so investors can be forgiven for taking some profits following Radian's (RDN -2%) earnings beat this morning.
  • BTIG's Mark Palmer says the beat was possible thanks to revenue of $321M exceeding not only the Street's estimate of $302M, but his own bullish forecast of $308.5M. The stage is set for future growth, he says, thanks to a 40% Y/Y rise in new insurance written to $15.7B.
  • Palmer reiterates his Buy rating and $22 price target (56% upside) - based on 12x 2017E EPS of $1.80. Even after the recent rally, the stock trades for just 1.07x book value vs. the 1.7x average of the last three years.
  • Previously: Busy quarter for Radian (Oct. 27)

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