J.P. Morgan Lifts View On Home-Builder Sector, Says Worst Over
By John Spence / The Wall Street Journal
J.P. Morgan analyst Michael Rehaut on Friday lifted his view on the home-builder sector to positive from negative, saying the housing market has made it through the worst of the correction.
"While fundamentals will likely not demonstrate an uninterrupted solid rate of improvement over the next six to 12 months, we believe that not only is housing solidly past its trough, but over the next 24 months will continue to recover and drive further upside to the current rally in the home-builder stocks," he wrote in a research note.
Rehaut also upgraded Toll Brothers Inc. (TOL) and KB Home (KBH) to overweight from neutral, while cutting M.D.C. Holdings Inc. (MDC) to underweight from overweight.
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