Raymond James No Longer Bullish on Homebuilders (TOL, LEN, PHM, CTX, RYL)

Raymond James downgraded several stocks in the homebuilder sector this morning.

• Centex (NYSE: CTX) from Outperform to Market Perform
  
• Lennar (NYSE: LEN) from Outperform to Market Perform
  
• Pulte Homes (NYSE: PHM) from Outperform to Market Perform
  
• Ryland Group (NYSE: RYL) from Strong Buy to Market Perform
  
• Toll Brothers (NYSE: TOL) from Strong Buy to Market Perform

Homebuilders are tumbling today; Ryland is down nearly 10%, Toll Brothers is down 9%, Pulte is down 7%, Lennar is down 10.7% and Centex is leading the pack lower, down 11.3%.

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