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Fly News Breaks for February 26, 2020
KBH, PHM, DHI
Feb 26, 2020 | 07:13 EDT
SunTrust analyst Rohit Seth downgraded KB Home (KBH), Pulte Group (PHM), and D.R. Horton (DHI) to Hold from Buy. The analyst also lowered his price target on D.R. Horton to $58 from $60 while leaving the price targets on KB Home at $40 and PulteGroup at $45. Seth contends that his bullish thesis on the homebuilders has played out "better than anticipated" and now sees a more balanced risk-return profile for the next 6-9 months, adding that it is difficult to picture fundamentals improving further and forecasting new home sales trends to decelerate in the second half of FY20 against tough prior-year comparisons.
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