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Goldman Sachs Upgrades Homex Development (HXM) to Neutral

July 1, 2013 10:50 AM EDT Send to a Friend
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Price: $0.97 --0%

Rating Summary:
    1 Buy, 2 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 1 | Down: 0 | New: 0
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Goldman Sachs upgraded Mexican real estate developer Homex Development (NYSE: HXM) from Sell to Neutral. Analyst Jason B. Mollin thinks valuation reflects liquidity issues. The case is less bright for peer Ubri which was downgraded to Sell.

"Recently the [Homex] announced it will use the grace period for the payment of a bond. The visibility on future construction operations also is limited. In our view, Homex's share price has adjusted to reflect these issues, and instead of a premium over the P/BV multiple of its peers, the stock now trades at a 22% discount (market cap weighted)," said Mollin.

For an analyst ratings summary and ratings history on Homex Development click here. For more ratings news on Homex Development click here.

Shares of Homex Development closed at $3.73 yesterday.




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