Goldman Sachs Starts Taylor Morrison Home (TMHC) at Neutral

June 24, 2013 8:24 AM EDT Send to a Friend
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Price: $19.28 +0.63%

Rating Summary:
    5 Buy, 6 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 15 | Down: 38 | New: 13
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Goldman Sachs initiates coverage on Taylor Morrison Home (NYSE: TMHC) with a Neutral. PT $27.00.

The analyst comments, "Taylor Morrison has presence in the most constructive housing markets in the US, and we believe the company has been gaining share in these markets. Further, the company has a 74% exposure to the move up buyer, who has a higher purchasing power and better access to mortgages. The company is has a large land supply (11.1 years of supply on LTM deliveries) and over 80% of it was acquired since 2009 at attractive prices, which we view positively leading up to the recovery. However, we expect the company to derive 17% of its sales from its high- and low-rise Canadian market which is inherently lumpy and which we do not expect to grow at the same pace as the US market."

For an analyst ratings summary and ratings history on Taylor Morrison Home click here. For more ratings news on Taylor Morrison Home click here.

Shares of Taylor Morrison Home closed at $25.17 yesterday.

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