Deutsche Bank Lowers Price Targets on Home-builders (DHI, PHM, RYL, HOV, CTX)
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Deutsche Bank lowered their price targets on a number of home-builders today saying the credit crisis has lowered the premium that investors will pay for the underlying homebuilding assets.
The firm lowered the price target on:
DR Horton Inc. (NYSE: DHI) from $12 to $10
Pulte Homes Inc. (NYSE: PHM) from $12 to $10
Ryland Group Inc. (NYSE: RYL) from $32 to $28
Hovnanian Enterprises Inc. (NYSE: HOV) from $8 to $6
Centex Corporation (NYSE: CTX) from $25 to $20
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