Keefe Bruyette analyst Tommy McJoynt upgraded MBIA (MBI) to Outperform from Market Perform with a price target of $9, up from $6.50. Post the Q3 earnings and last week’s news that the First Circuit denied the request for a rehearing en banc of the PREPA lien appeal, the firm raising estimates and targets for the financial guarantors. The firm now sees upside optionality for MBIA, assuming 80% settled recovery on PREPA claims/exposures, its subsidiary National is sold at 65% multiple of statutory capital, and then hold company liabilities are settled at face value.
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