Credit Suisse Downgrades NVR Inc. (NVR) to Underperform
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Credit Suisse downgraded NVR Inc. (NYSE: NVR) from Neutral to Underperform with a price target of $1,475, saying the valuation is disconnected with trends.
Analyst Michael Dahl commented, "NVR is expensive relative to past valuation and has already significantly outperformed (+31% ytd vs. group -4%). It currently trades at 5.6x BV (only 10% below its ’01-’05 P/BV avg. despite ROEs >50% below levels seen in those years) and at 16.2x NTM EPS (nearly 2x its ’01-’05 fwd. P/E avg.). The buybacks are helpful to be sure, but we think this is more than reflected in current valuation."
Shares of NVR Inc. closed at $1667.00 yesterday.
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