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Fly News Breaks for October 22, 2018
MTH
Oct 22, 2018 | 07:10 EDT
Deutsche Bank analyst Nishu Sood upgraded Meritage Homes to Buy with an unchanged price target of $47. Homebuilding stocks have dramatically underperformed the market year-to-date on housing slowdown and price-cost fears, Sood tells investors in a research note. The analyst says his debt-to-incomes charts "continue to paint a picture of a housing market that is both at the end of its affordability rope and prone to further downside if rates continue to increase." He sees downside to fiscal 2019 earnings estimates. Sood prefers builders with exposure to entry-level as he believes demographic trends provide demand.
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