Goldman Sachs Slashes Price Targets on Housing Sector (DHI) (PHM) (TOL) (more...)

Goldman Sachs cut estimates and price targets on a number of housing stocks Tuesday after lowering their home sales/housing starts forecast to flat from 10% and cut 2012 growth to flat from 15%.

PRICE TARGET CUTS:
DR Horton Inc. (NYSE: DHI) (Neutral) from $12 to $9
Hovnanian Enterprises Inc. (NYSE: HOV) (Neutral) from $2.00 to $1.50
KB Home (NYSE: KBH) (Neutral) from $11 to $7
Lennar Corp. (NYSE: LEN) (Neutral) from $18 to $14
MDC Holdings Inc. (NYSE: MDC) (Neutral) from $24 to $18
Meritage Homes (NYSE: MTH) (Neutral) from $24 to $18
NVR Inc. (NYSE: NVR) (Neutral) from $740 to $650
PulteGroup, Inc. (NYSE: PHM) (Buy) from $10 to $6
Ryland Group Inc. (NYSE: RYL) (Buy) from $15 to $12
Toll Brothers Inc. (NYSE: TOL) (Buy) from $22 to $20

The firm removed Pulte from the Conviction Buy List, but maintained a Buy rating on the stock. The firm also reiterated a Buy on Toll Brother, nothing the company is on the opposite end of the balance sheet spectrum with a 10% net debt to cap, and its exposure to high end consumers should aid sales, margins, and performance.

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