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Tuesday, June 24, 2008 --- 72 days ago http://feeds.feedburner.com/~r/clusterstock/~3/318917554/kb_home_kbh_toll_brothe
 Wachovia isn't the only one getting optimistic on housing . Credit Suisse thinks housing will bottom in Spring 2009: Tough conditions to continue, but a n inflection point in housing is likely in spring 2009 as inventory levels will likely start to decline. A peak in inventory of homes for sale is likely in spring 2009: Our supply-demand analysis suggests that we will begin to see declining inventory levels after spring 2009, which will be an initial step toward price stabilization , with prices being the key driver of margins and earnings. And in anticipation of that happy day, the firm becomes the latest to try to call the bottom in homebuilders. Credit Suisse launched positive coverage of the sector today: Centex (CTX) initiated with an OUTPERFORM, target price $19. Ryland Group (RYL) initiated with an OUTPERFORM, target price $28. Pulte Homes (PHM) initiated with an OUTPERFORM, target price $14. Toll Brothers (TOL) initiated with an OUTPERFORM, target price $24. D.R. Horton (DHI) initiated with an OUTPERFORM, target price $14. KB Home (KBH) initiated with an OUTPERFORM, target price $23. Credit Suisse was not impressed with Meritage (MTH) and Hovnanian (HOV) however: Meritage (MTH) initiated with an UNDERPERFORM, target price $16. Hovnanian (HOV) initiated with an UNDERPERFORM, target price $6.40. See Also: Wachovia's Dream: Housing Will Bottom in Q1 2009 ( SPY ) Housing Crisis Gets Serious: Ed McMahon Losing Home (and Blaming ... |
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