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FNF Upped from Sell
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Fidelity National Financial (FNF - Snapshot Report) mortgage operations comprise 70% of the company’s revenue, and we believe that mortgage rates will continue rising and will accelerate the current slowdown in home sales, shrinking revenue and earnings. Therefore, we see few catalysts for market out-performance in the stock.
Although the company is more profitable than its peers, we nevertheless believe that valuation multiples, which are higher than they have been since 2000, still have room to contract as the housing market slows. Our six-month price target is $37 and incorporates a multiple of 1.43x estimated book value of $25.96 as of September 30, 2006.
Read the analyst report on FNF
Read the full analyst report on FNF
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