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Fly News Breaks for February 14, 2019
PHM
Feb 14, 2019 | 08:47 EDT
As previously reported, Raymond James analyst Buck Horne downgraded PulteGroup (PHM) to Market Perform from Outperform after refreshing his estimates to reflect the 2019 macro environment and being more selective with valuations in the homebuilding sector. Pulte's 15% valuation premium to homebuilding peers reflects its advantages, said Horne, who also thinks it may be prudent to let Pulte demonstrate it can successfully stabilize absorption among first-time buyers following a "precipitous" drop in Q4. Horne also double downgraded D.R. Horton (DHI) to Market Perform from Strong Buy this morning.
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