Millrose Properties initiated with a Buy at BTIG

In an industry initiation note on the homebuilding and real estate services sector, BTIG analyst Ryan Gilbert initiated coverage of Millrose Properties (MRP), which was recently spun off from Lennar (LEN), with a Buy rating and $35 price target BTIG believes Millrose Properties can offer builders a “compelling rate both due to its cost of capital advantages and services via its technology platform,” and feels the stock is “cheap relative to the opportunity.”