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.”
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