MGIC Investment (NYSE:MTG) Continues on Slow Path

MGIC Investment (NYSE:MTG) continues to plod along with little in the way of catalysts as they meet their usual weak seasonal trends.

FBR says, "We have tweaked 2011 estimates slightly, but we still foresee the possibility of modest profitability in the first half of the year, followed by second-half losses, as weaker seasonal trends are expected to weigh on results. We have established our 2012 EPS estimate at $1.75. As for the just-reported results, count us among the skeptics regarding 4Q10 profitability, as we were looking for a $0.68 loss; absent the noise around taxes, we consider the quarter as generally in line with our forecast."

FBR Capital reiterates an "Outperform" rating on MGIC Investment (MTG), which closed at $9.20, down $0.06, or 0.65 percent. FBR has a price target of $13 on MGIC.