BofA Lowers Outlook for Home Builders in Challenging Environment -- Market Talk

Dow Jones

07/19

1211 ET - BofA Securities lower their 2025 and 2026 EPS estimates for home builders ahead of 2Q earnings to reflect lower closing volume due to a slowdown in sales/absorption pace and elevated incentives/price reductions. The analysts expect the challenging environment for home builders to persist in the 2H of the year as they expect lower net price as builders use incentives and price reductions to offset elevated mortgage rates and affordability challenges and finished lot inflation remain a margin headwind, among other factors. They maintain their buy rating on those with attractive valuations or a more built-to-order business like Meritage Homes or NVR but adjust price objectives on D.R. Horton, Lennar and KB Home to reflect higher sector multiples. (denny.jacob@wsj.com; @pennedbyden)

(END) Dow Jones Newswires

July 18, 2025 12:11 ET (16:11 GMT)

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The analysts expect the challenging environment for home builders to persist in the 2H of the year as they expect lower net price as builders use incentives and price reductions to offset elevated mortgage rates and affordability challenges and finished lot inflation remain a margin headwind, among other factors. They maintain their buy rating on those with attractive valuations or a more built-to-order business like <a href=\"https://laohu8.com/S/MTH\">Meritage Homes</a> or NVR but adjust price objectives on <a href=\"https://laohu8.com/S/DHI\">D.R. Horton</a>, <a href=\"https://laohu8.com/S/LEN\">Lennar</a> and <a href=\"https://laohu8.com/S/KBH\">KB Home</a> to reflect higher sector multiples. (denny.jacob@wsj.com; @pennedbyden) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  July 18, 2025 12:11 ET (16:11 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BofA Lowers Outlook for Home Builders in Challenging Environment -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBofA Lowers Outlook for Home Builders in Challenging Environment -- Market Talk\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2025-07-19 00:11</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     1211 ET - BofA Securities lower their 2025 and 2026 EPS estimates for home builders ahead of 2Q earnings to reflect lower closing volume due to a slowdown in sales/absorption pace and elevated incentives/price reductions. The analysts expect the challenging environment for home builders to persist in the 2H of the year as they expect lower net price as builders use incentives and price reductions to offset elevated mortgage rates and affordability challenges and finished lot inflation remain a margin headwind, among other factors. They maintain their buy rating on those with attractive valuations or a more built-to-order business like <a href=\"https://laohu8.com/S/MTH\">Meritage Homes</a> or NVR but adjust price objectives on <a href=\"https://laohu8.com/S/DHI\">D.R. Horton</a>, <a href=\"https://laohu8.com/S/LEN\">Lennar</a> and <a href=\"https://laohu8.com/S/KBH\">KB Home</a> to reflect higher sector multiples. (denny.jacob@wsj.com; @pennedbyden) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  July 18, 2025 12:11 ET (16:11 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0314104364.USD","symbol_name":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2552494768","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2552494768","pubTimestamp":1752855060,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"1211 ET - BofA Securities lower their 2025 and 2026 EPS estimates for home builders ahead of 2Q earnings to reflect lower closing volume due to a slowdown in sales/absorption pace and elevated incentives/price reductions. The analysts expect the challenging environment for home builders to persist in the 2H of the year as they expect lower net price as builders use incentives and price reductions to offset elevated mortgage rates and affordability challenges and finished lot inflation remain a margin headwind, among other factors. They maintain their buy rating on those with attractive valuations or a more built-to-order business like Meritage Homes or NVR but adjust price objectives on D.R. Horton, Lennar and KB Home to reflect higher sector multiples. 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The analysts expect the challenging environment for home builders to persist in the 2H of the year as they expect lower net price as builders use incentives and price reductions to offset elevated mortgage rates and affordability challenges and finished lot inflation remain a margin headwind, among other factors. They maintain their buy rating on those with attractive valuations or a more built-to-order business like Meritage Homes or NVR but adjust price objectives on D.R. Horton, Lennar and KB Home to reflect higher sector multiples. (denny.jacob@wsj.com; @pennedbyden) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  July 18, 2025 12:11 ET (16:11 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}