- 1、本文档共50页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
用户上传 更多免费报告请查看研报客 North America Equity Research
11 September 2019
Homebuilding
Sector Update: A Little More Left in the Tank, But
Watch Risk/Reward; Upgrading PHM, CCS, MTH,
Downgrading NVR, LGIH
As we look towards the balance of 2019 and into 2020, we provide the following Homebuilders Building Products
updated thoughts on the sector as well as refresh our portfolio of ratings. Overall, AC
Michael Rehaut, CFA
despite our universe’s impressive 44% rally YTD, effectively reversing last year’s (1-212) 622-6696
decline (ex-higher growth small-caps; SP: +19%) – driven by a rebound in several michael.rehaut@
fundamental metrics and a sharp decline in interest rates – we believe the Bloomberg JPMA REHAUT GO
homebuilding stocks still contain some modest remaining upside potential as we Elad Hillman
anticipate further improvement across most industry and company data points and (1-212) 622-6435
establish our Dec. 2020 price targets. At the same time, however, we point to a fairly elad.hillman@
dynamic risk/reward backdrop for the stocks, evidenced by the volatility over the last Maggie Wel
您可能关注的文档
最近下载
- scale manager软件及相关scalemanager和mtstar使用说明.pdf
- 建积分之术筑工程之技:定积分及其应用教学实施报告.pdf
- 初中英语 2022-2023学年福建省泉州市九年级(上)第一次段考英语试卷.pdf
- 大连链家房地产营销渠道研究.docx
- 《数学思想与方法》模拟试卷ABCD卷.docx VIP
- DLT_741-2010《架空输电线路运行规程》(新版).doc
- 2024阿里巴巴淘宝云客服-消费者咨询业务知识题及答案.pdf
- 浙教版八年级科学上册单元测试题及答案.docx
- final submission to nsfc with signed page国际地区合作与交流项目申书.pdf VIP
- 广西 平乐县志.pdf
文档评论(0)