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Raymond James' Mass Downgrade Of Homebuilders Shows...It Doesn't Like Them Very Much

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Raymond James' Mass Downgrade Of Homebuilders Shows...It Doesn't Like Them Very Much
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Raymond James talked about homebuilders on Friday, and revealed that it's not very confident in the sector.

PulteGroup, Inc. (NYSE: PHM), the nation’s largest homebuilding company, was downgraded from Outperform to Market Perform. Raymond James analyst Buck Horne removed the stock's $26 price target.

Shares were down over 1 percent before the market opened Friday, and were recently trading lower by a half of a percent.

MDC Holdings (NYSE: MDC), one of the top 10 homebuilders in the nation, was also downgraded from Outperform to Market Perform. Horne removed his $28 price target; the stock was recently trading a bit lower by 2 percent on this news.

Related Link: Are You Overestimating The Value Of Your Home?

Other downgrades from Outperform to Market Perform include (as of the first half hour of market trading):

  • KB Home (NYSE: KB): $15 price target removed. Stock was trading down almost 2 percent.
  • Lennar Corporation (NYSE: LEN): $53 price target removed. Stock was down over half of a percent.
  • Ryland Group, Inc. (NYSE: RYL): $48 price target removed. Stock was down 1.34 percent.
  • Standard Pacific Corporation (NYSE: SPC): $9 price target removed. Stock was trading down about half of a percent.

Toll Brothers Inc. (NYSE: TOL) was downgraded from Strong Buy to Market Outperform, and its price target was lowered from $44 to $41. Toll was trading up about half of a percent.

Contrarian Ideas

In contrast, Raymond James decided to hold DR Horton Inc. (NYSE: DHI) neutral at Market Outperform, but lowered its price target from $31 to $29. The stock was trading down slightly.

Lastly, WCI Communities Inc. (NYSE: WCIC) was the only company that saw a price target price target increase, while its rating remained a Strong Buy.

Horne upgraded his price target from $28 to $30; the stock was trading up slightly above a half of a percent.

Latest Ratings for PHM

DateFirmActionFromTo
Nov 2017BuckinghamDowngradesBuyNeutral
Oct 2017FBR CapitalMaintainsBuy
Oct 2017BarclaysMaintainsEqual-Weight

View More Analyst Ratings for PHM
View the Latest Analyst Ratings

Posted-In: Buck Horne homebuilding stocksAnalyst Color Short Ideas Downgrades Analyst Ratings Trading Ideas Real Estate Best of Benzinga

 

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