Goldman Sachs Starts NVR Inc. (NVR) at Neutral
Goldman Sachs initiates coverage on NVR Inc. (NYSE: NVR) with a Neutral. PT $930.00.
The analyst comments, "We prefer the company's "social contract" in the form of earnings-accretive buybacks, and one-third of the company’s sales are driven by the well-positioned high-end buyer. However, the company is the largest builder in the Washington DC-New York corridor – where we see the least constructive housing dynamics during the next 12 months. We expect orders at NVR to lag other builders during the next 12 months, and we expect lower margin expansion than proland development builders as well as companies in higher price growth markets. However, even though we expect NVR's top line to lag its peers its commitment to strong capital allocation should provide a floor."
For an analyst ratings summary and ratings history on NVR Inc. click here. For more ratings news on NVR Inc. click here.
Shares of NVR Inc. closed at $915.25 yesterday, with a 52 week range of $721.56-$1100.00.
The analyst comments, "We prefer the company's "social contract" in the form of earnings-accretive buybacks, and one-third of the company’s sales are driven by the well-positioned high-end buyer. However, the company is the largest builder in the Washington DC-New York corridor – where we see the least constructive housing dynamics during the next 12 months. We expect orders at NVR to lag other builders during the next 12 months, and we expect lower margin expansion than proland development builders as well as companies in higher price growth markets. However, even though we expect NVR's top line to lag its peers its commitment to strong capital allocation should provide a floor."
For an analyst ratings summary and ratings history on NVR Inc. click here. For more ratings news on NVR Inc. click here.
Shares of NVR Inc. closed at $915.25 yesterday, with a 52 week range of $721.56-$1100.00.