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NVR reports Q3 EPS $56.11, consensus $51.22
Reports Q3 revenue $1.91B, consensus $1.85B.
NVR price target raised to $3,725 from $3,500 at Wells Fargo
Wells Fargo raised his price target for NVR to $3,725 from $3,500 ahead of quarterly results. The firm reiterates a Market Perform rating on the shares due to valuation.
NVR upgraded to Outperform from In Line at Evercore ISI
NVR downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Michael Rehaut downgraded NVR to Underweight from Neutral while raising his price target for the shares to $3,680 from $3,300. The analyst cites valuation for the downgrade following the stock's year-to-date rally.
JPMorgan sees 'modest' further upside after Homebuilding's 2019 rally
Although the Homebuilding sector is up an "impressive" 44% year-to-date, effectively reversing last year's decline, driven by a rebound in several fundamental metrics and a decline in interest rates, the stocks still contain "some modest remaining upside potential," JPMorgan analyst Michael Rehaut wrote to investors earlier in a research note. The analyst anticipates further improvement across most industry and company data points. However, volatility in the stocks over the last 18 months requires a disciplined approach to the group, cautions Rehaut. With that in mind, the analyst today upgraded PulteGroup (PHM) to Overweight from Neutral, saying its valuation is attractive relative to his fundamental outlook. Rehaut also downgraded NVR (NVR) to Underweight from Neutral following the stock's outperformance year-to-date. He also upgraded Century Communities (CCS) to Overweight from Neutral and Meritage Homes (MTH) to Neutral from Underweight. In addition, the analyst downgraded LGI Home (LGIH) to Neutral from Overweight and reiterated Overweight ratings on Lennar (LEN), Taylor Morrison (TMHC) and William Lyon Homes (WLH).
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