Essent Group price target lowered to $61 from $64 at RBC Capital

RBC Capital lowered the firm’s price target on Essent Group to $61 from $64 but keeps an Outperform rating on the shares. The company posted solid Q1 results with an impressive combined ratio, while its underwriting margins continue to benefit from strong reserve releases, the analyst tells investors in a research note. Elevated interest rate environment still compresses top-line growth, but Essent continues to keep persistency high and defaults low, RBC added.