Citi Initiates Coverage on Several Stocks in the Homebuilders Sector
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Citi analyst says, "Our analysis shows that investors are differentiating among the homebuilding stocks primarily based on near-term liquidity, and that the equity market is pricing homebuilding stocks like credit instruments. As the housing market continues to deteriorate, we believe identifying stocks for which the market has mis-priced near-term liquidity will be the key to earning alpha. Distress Breeds Opportunities: We rate Pulte Homes (NYSE: PHM) and Toll Bros. (NYSE: TOL) with a 'Buy' & Centex (NYSE: CTX), D.R. Horton (NYSE: DHI), KB Home (NYSE: KBH), Lennar (NYSE: LEN), M.D.C. Holdings (NYSE: MDC), and Ryland (NYSE: RYL) with a Hold.
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