Goldman Sachs Upgrades M.D.C. Holdings (MDC) to Buy, Sees 21% Upside

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February 6, 2012 6:57 AM EST
Get Alerts MDC Hot Sheet
Price: $62.98 --0%

Rating Summary:
    4 Buy, 13 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 3 | Down: 2 | New: 2
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Goldman Sachs upgraded M.D.C. Holdings (NYSE: MDC) from Neutral to Buy with a price target of $30, suggesting 21% upside.

The firm expects the company to cut SG&A by 10%-15% in 2012 just as orders and sales are beginning to grow. Based on this, the firm expects the 30% valuation discount to peers should shrink.

Goldman also said the net cash position provides a higher level of safety and they also like the 4.1% dividend yield.

For an analyst ratings summary and ratings history on M.D.C. Holdings click here. For more ratings news on M.D.C. Holdings click here.

Shares of M.D.C. Holdings closed at $24.78 yesterday.

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