NVR price target raised to $9,700 from $9,000 at BofA

BofA raised the firm’s price target on NVR (NVR) to $9,700 from $9,000 and keeps a Buy rating on the shares. PulteGroup (PHM) and NVR are scheduled to report Q2 earnings on Tuesday, July 23. Given the slowdown in orders due to higher rates during Q2, the firm sees risk to consensus estimates and expects Q2 orders slightly below normal seasonality. The firm’s book value and return-on-equity estimates are relatively unchanged and it raised price objectives for both ahead of earnings as BofA increased price-to-book valuation due to lower interest rates.