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MBIA upgraded to Outperform from Market Perform at Keefe Bruyette
The Fly

MBIA upgraded to Outperform from Market Perform at Keefe Bruyette

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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