Homebuilding Stocks Strong Following Citi's Upgrade Of KB, Ahead Of Home Sales Data

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Shares of KB Home
KBH
are leading stocks in the Homebuilding sector higher Monday morning; the stock is up 6.9 percent at last check. Elsewhere in the sector, shares of PulteGroup
PHM
are up 5 percent, Standard Pacific
SPF
shares are up more than 4 percent, shares of Ryland
RYL
are up 3.7 percent, Toll
TOL
shares are up 3.6 percent, shares of Lennar
LEN
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are up 3.2 percent, and DR Horton
DHI
share are up 2.8 percent. The SPDR S&P Homebuilders ETF
XHB
is up more than 2 percent at last check. Investors in the Homebuilding group are suggesting strength is stemming from an earlier Citi note on KB Home in which the firm's Will Randow upgraded his investment recommendation on the stock from Sell to Neutral and boosted his price target from $13 to $17. Randow cited KB earnings which are recovering and a continued belief sentiment has bottomed. The Citi analyst believes homebuilders will see a favorable impact from the spring selling season. With shares of KB last trading at $18.13, Randow's new price target implies potential downside of about 6 percent. Also potentially affecting the sector Monday, investors are awaiting new home sales data on December 24th and pending home sales on Friday. Both data points will be for the month of November.
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Posted In: Analyst ColorNewsSector ETFsUpgradesPrice TargetEcon #sAnalyst RatingsMoversETFsConsumer DiscretionaryHomebuilding
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