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Fly News Breaks for December 22, 2017
HOV
Dec 22, 2017 | 09:25 EDT
As previously reported, MKM Partners analyst Megan McGrath downgraded Hovnanian to Sell from Neutral, stating that the large positive move up on the heels of its earnings report followed what she viewed as "only a mildly positive quarter." Revenues are likely to continue to decline well into 2018 and cost headwinds are rising, not abating, McGrath tells investors. She has a $1.75 price target on the stock, which closed yesterday at $2.99.
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