Ashleigh Rogers
Long/short equity, growth at reasonable price, value, banks

Radian's Outlook Gets Murkier

I first wrote about mortgage insurer Radian (NYSE:RDN) last fall saying at the time that I felt the company was on the road to recover. Fast forward six-months and the stock has done very nicely. At this point though, I think most of the good news about Radian's recovery is baked into the stock price and the shares have limited ability to move higher from here. Based on the company's most recent earnings and the broader macro environment, I think RDN may earn around $1.00 per share on an adjusted basis this year (versus an adjusted loss of $0.12 in 2013). With the stock trading just under $16 a share, this gives the company a forward P/E of...

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