Truist Securities analyst Jonathan Bettenhausen lowered the price target on NVR Inc. (NYSE: NVR) to $6,600.00 (from $7,100.00) while maintaining a Hold rating.

The analyst comments "NVR stock was down about 5% (S&P 500 +1%) in trading following its 1Q print. We think investors were mostly disappointed with the gross margin performance, which missed our and Street projections fairly meaningfully. We are cautious of what we think are some share losses in the Mid Atlantic and North East regions. Increased land and price competition is weighing on our margin outlook for the stock. We still appreciate NVR's unique strategy long term, but remain Hold as we struggle to see much upside on the shares given its current return profile. PT to $6,600 from $7,100."