MGIC Investment Corp

MTG remains in a Stage 2 advancing regime with a bullish medium-term bias underpinned by a momentum breakout and rising EMAs. However, price is extended above EMAs and in extreme overbought territory, signaling pullback risk. We prefer to defer entries and stalk for pullbacks into the rising 9/20 EMA support zone, in line with the Free Cash Flow + Buybacks strategy.

• ↑Net income of $165 M (+10% YoY) and ROE of 13%.
• ↑NIW rose 41% YoY to $14 B, fueling recurring premium revenue.
• ↓Weak growth factors and declining EPS revisions suggest revenue risk.