In conjunction with his Homebuilding & Building Products 2020 outlook, JPMorgan analyst Michael Rehaut upgraded NVR (NVR) to Neutral from Underweight with an unchanged price target of $3,835 and downgraded Green Brick Partners (GRBK) to Underweight from Neutral with an unchanged price target of $11. NVR shares have underperformed the group since September 1, says the analyst, who expects the company's average order growth as well as gross and operating margin changes to be roughly in-line with peers. On Green Brick, Rehaut points out that the shares are up 26% since September 1. As a result, he views the company's relative valuation as expensive.