Essent Group downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Ryan Nash downgraded Essent Group to Neutral from Buy with a $44 price target. With mortgage rates having moved higher, purchase volume will likely be lower, making material share gains unlikely given the pricing / attractiveness of returns, Nash tells investors in a research note. In addition, default rates are starting to normalize given higher new defaults and cures coming off elevated levels, says the analyst. Seeing downside risk to net insurance written and credit normalization "to come," Nash downgrades Essent Group.