BTIG analyst Carl Reichardt upgraded Green Brick (GRBK) to Buy with a price target of $13 as part of a more positive outlook for the homebuilder group in the back half of 2019. The analyst notes that the slowdown in housing was much shallower than he initially expected thanks to lower interest rates, "aggressive" price cuts, and a focus on "more affordable" product", saying that these trends are expected to continue. Reichardt added that homebuilder stock multiples may expand further as order growth continues to improve, even though he warns about the "highly elastic" consumer demand. The analyst further cites Green Brick's expected 2020 growth from its entry-level brand and believes that its multiple can expand given its current 1.1-times total book value per share valuation. As part of the research note, Reichardt also raises his price targets on DR Horton (DHI) to $62 from $56 and Lennar (LEN) to $70 from $65, saying these names are "best positioned" to take advantage of the improving demand and generate order growth.