BofA lifts US homebuilders NVR, PulteGroup's PTs ahead of Q2 results

NVR

22/07/2024 17:59

** BofA lifts PT of homebuilder NVR  NVR.N  to $9,700 from
$9,000 and PulteGroup  PHM.N  to $138 from $135
    ** "We are raising our PTs on PHM and NVR as we increase
price-to-book valuation due to lower interest rates" - brokerage
    ** Homebuilders' stocks have rebounded since CPI print
earlier this month - BofA
    ** However, brokerage sees Q2 orders for both companies,
scheduled to report results on July 23, to be slightly below
normal seasonality due to higher rates during the quarter
    ** Median PT for NVR is $8,775 and PHM $131 - LSEG
    ** NVR up ~22% and PHM ~21%, vs S&P Composite 1500
Homebuilding index's  .SPCOMHOME  18% rise YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))