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Homebuilders continue decline as JPMorgan downgrades on softer growth rate

Sep. 21, 2018 12:14 PM ETPulteGroup, Inc. (PHM) StockPHM, PKB, XHB, MTH, BZH, ITB, MDC, CCS, HOML, NAILBy: Liz Kiesche, SA News Editor3 Comments
  • Homebuilders continue to slide as JPMorgan analyst Michael Rehaut cuts ratings on five stocks, citing rising inventories and lower affordability.
  • iShares US Home Construction ETF (BATS:ITB) -0.5% in midday trading; YTD returns -15%.
  • PulteGroup (PHM -0.7%) and M.D.C. Holdings (MDC -2.9%) cut to underweight, while Beazer Homes (BZH -8%), Century Communities (CCS -4.1%), and Meritage Homes (MTH -1.8%) trimmed to neutral from overweight.
  • "We are becoming more cautious on the homebuilding sector," Rehaut said in a note Friday. "We expect the housing recovery to remain fairly tepid in 2019."
  • He sees order growth rate softer in H2 2018 and peak gross margins over next 12 months.
  • ETFs: XHB, ITB, PKB, NAIL, HOML
  • Previously: Tri Pointe, William Lyons slump as analyst cuts ratings on slowing demand (Sept. 20)

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