Citi Initiates Coverage on M.D.C. Holdings (MDC) with a Hold - Strongest Balance Sheet, But Current Stock Price Reflects Positives
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Citi initiates coverage on M.D.C. Holdings (NYSE: MDC) with a Hold. Price target $48.
Citi analyst says, "We rate MDC Hold/High Risk. In our view, the company has one of the strongest balance sheets and liquidity positions in the industry. It also has a relatively short land supply. As such, MDC should be well positioned for an eventual recovery in the housing market. However, we think the stock price largely reflects these positives. As such, we see little room for upside from the current price...We rate MDC as High Risk because of the uncertainty surrounding the ultimate duration and magnitude of the housing market’s downturn."
Lennar Corporation is a homebuilder and a provider of financial services. The Company operates in four segments: Homebuilding East, Homebuilding Central, Homebuilding West and Financial Services.
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