NEW YORK ( TheStreet) -- MBIA (MBI)'s third quarter earnings missed analyst estimates, but demonstrated the bond insurer maintains sufficient liquidity to continue its legal battle with Bank of America (BAC) over subprime mortgages, according to at least two analysts.
In a note published Wednesday, Standard and Poor's left its rating on MBIA unchanged, contending that it has sufficient "cash and short-term investments to cover its debt-servicing needs and operating-expense obligations through 2013."
BTIG equity analyst Mark Palmer concurred in a report published Thursday. Palmer has a buy rating and target price of $22 on MBIA versus its $9.25 price in early trading Thursday.
Palmer wrote that though MBIA's third quarter earnings release, operating supplement and 10-Q "contain an ocean of figures, there is one amount that really matters, in our view: $386
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