Keefe Bruyette Ups First American to Outperform
Keefe Bruyette upgraded First American (FAF) to outperform from market perform, noting the company's settlement with the New York State Attorney.
Analyst Geoffrey Dunne did not expect the settlement to be overly material to financials and it actually came in more benign than expected. He says he's been warming up to the stock over the last quarter, noting it moved up substantially on first quarter results, but then retrenched. He says that with the removal of overhang, he sees better a risk/reward situation in the stock. He maintains his $4.35 2006 and $4.41 2007 earnings per share (EPS) estimates, as well as his $52 stock price target.
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