JPMorgan analyst Michael Rehaut raised the firm’s price target on M.D.C. Holdings (MDC) to $51 from $39.50 and keeps an Underweight rating on the shares. The firm has increased its earnings estimates and price targets and maintains its positive homebuilding sector stance following an “impressive rally” since November 1, during which its homebuilding coverage universe has gained 39%. Among the group, the firm highlights Overweight-rated larger-cap PulteGroup (PHM) and Toll Brothers (TOL), as well as smaller-cap Meritage Homes (MTH) and Taylor Morrison (TMHC), all of which it sees offering attractive relative valuations.
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