Housing stocks up as Raymond James cites sector's resilience

MDC Holdings

14/07/2023 14:06

** Shares of Toll Brothers  TOL.N , Lennar Corp  LEN.N , MDC
Holdings  MDC.N , KB Home  KBH.N  and Pultegroup  PHM.N  up
between 1% and 2.3% before the bell
    ** Raymond James upgrades TOL to "strong buy" from
"outperform", raises price target to $100 from $77
    ** New PT represents nearly 22% upside to the stock's last
close
    ** Brokerage also upgrades LEN, MDC, KBH and PHM to
"outperform" from "market perform"
    ** Says rating upgrades reflects magnitude of pent up demand
for single family homes and proven resilience of builders’
de-risked operating models
    ** Up to Thursday's close, TOL, LEN, MDC, KBH and PHM up
between 43.7% and 76.4% this year
    
 Company RIC  Avg. recommendation  No. of analysts  Median PT
  TOL.N       BUY                  19               $82
  LEN.N       BUY                  23               $135
  MDC.N       HOLD                 7                $38.5
  KBH.N       HOLD                 17               $56
  PHM.N       BUY                  18               $82.5
 


 (Reporting by Shristi Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))