BUZZ - Morgan Stanley holds a "cautious" outlook on US homebuilders, warns of affordability concerns
路透社2026/10/01 10:12October 1 - ** Morgan Stanley initiates coverage of U.S. homebuilders, holds a "cautious" view on the sector
** Housing affordability, incentives, and margin pressures are the main challenges—the brokerage noted
** Morgan Stanley stated that affordability issues have kept existing home sales range-bound, limiting the supply of second-hand homes and continuing to pressure the new home market; lower mortgage rates have improved housing affordability
** Initiates coverage of Toll Brothers (TOL.N) with an "overweight" rating due to its affluent customer base, lower sensitivity to interest rates, and strong pricing power
** Analysts stated that D.R. Horton DHI.N remains exposed to affordability pressures faced by first-time homebuyers; PulteGroup PHM.N benefits from a favorable buyer mix, but has not translated this into stronger earnings per share (EPS) growth
** Ratings and Target Prices:
Company Name | Rating | Target Price |
Toll Brothers | Overweight | $159 |
D.R. Horton | Neutral | $151 |
PulteGroup | Equal-weight | $128 |
Lennar | Underweight | $65 |
KB Home | Underweight | $39 |
NVR | Underweight | $5,058 |
(To assist non-native English speakers, Reuters provides automated translations of its reports into several other languages. Due to the potential for errors and lack of important context in automated translations, Reuters does not guarantee the accuracy of the translated text, which is provided solely for reader convenience. Reuters accepts no liability for any damage or loss arising from the use of such automated translation features.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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