Raymond James downgrades title company Old Republic as mortgage refinancing cools

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Raymond James analyst C. Gregory Peters on Friday cut his rating on title insurance provider Old Republic International Corp. ORI, -3.39% to outperform from strong buy and trimmed his price target by $2 a share to $28. Peters cited near-term headwinds in the its title business, which comprises 48% of Old Republic’s revenue. The move comes after Old Republic on Thursday reported first-quarter adjusted earnings of 64 cents a share, short of the analyst estimate of 67 cents a share. Peters also reduced his 2022 profit target for Old Republic to $2.40 a share from $2.50 a share. Shares of Old Republic fell 1.6% in premarket trades. The stock is down 6.1% so far in 2022, compared to a 10% loss by the S&P 500 SPX, +2.47%.

This article was originally published by Marketwatch.com. Read the original article here.

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