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PHM

PulteGroup

$28.72

0.08 (0.28%)

, LEN

Lennar

$51.77

0.29 (0.56%)

06:09
08/07/18
08/07
06:09
08/07/18
06:09

PulteGroup downgraded to Neutral from Buy at Mizuho

Mizuho analyst Haendel St. Juste downgraded PulteGroup (PHM) to Neutral and lowered his price target for the shares to $31 from $36. The analyst sees an "imbalanced risk/reward" profile for the shares with a lack of near-term catalysts. PulteGroup's valuation is "richer" and its 2019 earnings slower relative to peers, St. Juste tells investors in a research note. The analyst remains constructive on housing/homebuilders and favors shares of Lennar (LEN) and Toll Brothers (TOL).

PHM

PulteGroup

$28.72

0.08 (0.28%)

LEN

Lennar

$51.77

0.29 (0.56%)

TOL

Toll Brothers

$35.26

0.175 (0.50%)

  • 21

    Aug

PHM PulteGroup
$28.72

0.08 (0.28%)

04/26/18
04/26/18
UPGRADE
Target $35

Outperform
Follow-up: PulteGroup upgraded to Outperform at Raymond James
As previously reported, Raymond James upgraded PulteGroup to Outperform fro Market Perform and established a $35 price target. Analyst Buck Horne has increased confidence that increased mortgage rates and tax deduction changes are having a negligible impact on buyer demand. Pulte's Q1 reported upside in virtually all key operating metrics and raised FY18 guidance, the analyst wrote, while valuation is down 16% since late January.
06/27/18
RBCM
06/27/18
INITIATION
Target $31
RBCM
Sector Perform
PulteGroup assumed with a Sector Perform at RBC Capital
RBC Capital analyst Michael Dahl assumed PulteGroup with a Sector Perform rating and a price target of $31. The analyst expects the company to generate the best ROTE in his coverage universe in 2018 at 22.4% vs. a 15.9% peer group average, but also believes this will be a peak year as the recent significant share buybacks "ratchet down", keeping a lid on the stock price. He also expects order growth to slow to 9% this year and 5% next year from 11.5% in 2017.
07/27/18
BTIG
07/27/18
DOWNGRADE
Target $24
BTIG
Sell
PulteGroup downgraded to Sell from Neutral at BTIG
BTIG analyst Carl Reichhardt downgraded PulteGroup to Sell from Neutral with a price target of $24, noting that growth will underperform for the next year after order decline of about 1% in Q2. The analyst cites the company's product mix, as its exposure in the entry-level homes where demand is the strongest remains low. Reichhardt expects orders to decline about 1% in the coming 4 quarters, reducing FY19 EPS by about 3% and weighing on PulteGroup's return on equity.
06/19/18
SBSH
06/19/18
UPGRADE
Target $30
SBSH
Neutral
PulteGroup upgraded to Neutral from Sell at Citi
Citi analyst Scott Schrier upgraded PulteGroup to Neutral and raised his price target for the shares to $30 from $27 after assuming coverage of the Building Products, Construction Materials group.
LEN Lennar
$51.77

0.29 (0.56%)

06/27/18
LEHM
06/27/18
NO CHANGE
Target $65
LEHM
Overweight
Lennar price target cut to $65 from $72 at Barclays
Barclays analyst Matthew Bouley maintained an Overweight rating on Lennar but cut his price target to $65 from $72, telling investors in a research note that the company's Q2 results serve as a favorable checkup on underlying demand trends, synergy progress and cash flow potential, with each of these demonstrating upside to prior estimates. Bouley says he views Lennar as well- positioned for continued non-cycle dependent upward earnings revisions -- synergies, boosting CAA absorptions and potential buybacks.
06/27/18
RBCM
06/27/18
INITIATION
Target $66
RBCM
Outperform
Lennar assumed with an Outperform at RBC Capital
RBC Capital analyst Michael Dahl assumed Lennar with an Outperform rating and a price target of $66, saying the company is positioned to drive above-market growth and margin improvement as a result of its integration with CalAtlantic. Dahl notes that the stock price has pulled back sharply on one-time integration costs and concerns around the impact of rising rates on the housing sector, but believes this presents a buying opportunity ahead of the "robust" FY19 earnings ramp.
06/27/18
WEDB
06/27/18
NO CHANGE
Target $56
WEDB
Neutral
Lennar price target lowered to $56 from $62 at Wedbush
Wedbush analyst Jay McCanless lowered his price target for Lennar to $56 from $62 on valuation. Assuming the integration of CalAtlantic continues through the balance of FY18, the analyst sees FY19 as the first clean look at the combined company. He anticipates most of the noise in the FY18 numbers, integration costs and purchase accounting marks, should only have a minor impact in FY19 so he sees that year as a more reliable valuation basis than FY18. McCanless reiterates a Neutral rating on the shares.
06/27/18
MKMP
06/27/18
NO CHANGE
Target $71
MKMP
Buy
Lennar Q2 beat on all operating metrics, says MKM Partners
MKM Partners analyst Megan McGrath keeps her Buy rating and $71 price target on Lennar after its "impressive" Q2 results marked the first reported quarter following the acquisition of CalAtlantic. The analyst notes that the company beat on all the operating metrics - orders, closings, and margins - while continuing to see solid demand despite higher mortgage rates. McGrath anticipates continued near- and longer-term positives from Lennar's acquisition of CalAtlantic, benefiting through its larger local scale.
TOL Toll Brothers
$35.26

0.175 (0.50%)

06/14/18
06/14/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Oracle (ORCL) downgraded to Neutral from Overweight at JPMorgan with analyst Mark Murphy saying the shares have risen from the $30s into the high $40s over the last two years, but the company's fundamental performance has remained inconsistent. 2. Kohl's (KSS) downgraded to Neutral from Buy at Citi with analyst Paul Lejuez citing valuation. 3. Toll Brothers (TOL) downgraded to Hold from Buy at Zelman. 4. PGT, Inc. (PGTI) downgraded to Hold on valuation at Gabelli with analyst Alvaro Lacayo citing valuation. 5. XPO Logistics (XPO) downgraded to Neutral from Buy at BofA/Merrill with analyst Ariel Rosa citing limited upside following the recent gain in shares. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/19/18
SBSH
06/19/18
INITIATION
Target $42
SBSH
Neutral
Toll Brothers assumed with a Neutral at Citi
Citi analyst Scott Schrier assumed coverage of Toll Brothers with a Neutral rating and $42 price target. The analyst took over coverage of the Building Products, Construction Materials group.
06/27/18
RBCM
06/27/18
INITIATION
Target $46
RBCM
Outperform
Toll Brothers assumed with an Outperform at RBC Capital
RBC Capital analyst Michael Dahl assumed Toll Brothers with an Outperform rating and a price target of $46, saying the pullback in the stock price after Q2 earnings, as well as the 27% year-to-date decline, is a buying opportunity. Dahl notes that the modest risk around gross margin expectations is priced in, anticipating sufficient revenue growth to keep operating margins stable and above-average levels. The analyst believes that underlying demand remains healthy and the slowing order growth in Q2 was due to declining community count rather than the impact of rising rates.
06/27/18
RBCM
06/27/18
INITIATION
RBCM
Outperform
Toll Brothers assumed with an Outperform at RBC Capital

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GDOT

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$85.04

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SMSI

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NDRA

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$2.70

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BA

Boeing

$346.44

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LLL

L3 Technologies

$210.37

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HSGX

Histogenics

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PLD

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, DCT

DCT Industrial

$68.77

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WLK

Westlake Chemical

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SM

SM Energy

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LOV

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LGF.A

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EME

EMCOR

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