Raymond James analyst Buck Horne upgraded KB Home (KBH), Lennar (LEN) and Toll Brothers (TOL) to Outperform from Market Perform ahead of upcoming earnings announcements that he believes will reveal "decidedly improved" housing fundamentals and potential upside to current consensus fiscal 2020 estimates. Data in August demonstrated an inflection in supply and pricing conditions, revealing a "far more bullish backdrop" for homebuilders into year-end, Horne tells investors in a research note. M.D.C. Holdings (MDC) remains the analyst's top homebuilding idea with a Strong Buy rating. He has a $45 price target for Toll Brothers shares.