Morgan Stanley Splits Homebuilders Into Winners and Losers With Five New Ratings
The bank initiated coverage on five major homebuilders in a single day, backing Toll Brothers and PulteGroup while flagging margin and supply risks at Lennar and NVR.
Morgan Stanley initiated overweight ratings on Toll Brothers and PulteGroup (with a $128 target) while rating Lennar and NVR underweight on margin and lot-supply concerns, and D.R. Horton equalweight.