NVR downgraded to Sell from Neutral at Seaport Research

Seaport Research downgraded NVR (NVR) to Sell from Neutral with a $5,664 price target The firm downgraded all builders it covers citing “rising concern that housing activity is poised to slow further.” Seaport sees the group going from from “value-trap” to “catching a falling knife.” The weak job market growth undermines a prior assumption that demand is stabilizing, the analyst tells investors in a research note. The firm expects further multiple compression until housing starts approach trough levels, consistent with past cycles.