First American upgraded to Overweight at Stephens as housing market improves

As previously reported, Stephens analyst John Campbell upgraded First American to Overweight from Equal Weight with a price target of $72, up from $65, citing higher estimates and a belief that the combination of better housing, under-appreciated 2023 earnings support and enhanced capital returns "more than offset the growing fears around a commercial market fallout." Given an "attractive" valuation, a dynamic model that has counter-cyclical offsets and its spot in an oligopolistic market where market share and pricing are stable, the firm calls First American "one of the best/cleanest ways to play housing."