BofA analyst Rafe Jadrosich upgraded Lennar (LEN) to Neutral from Underperform with a price target of $102, up from $92, while upgrading PulteGroup (PHM) to Buy from Neutral with a price target of $60, up from $46, and raising Toll Brothers (TOL) to Buy from Neutral with a $68 price target, up from $54. Homebuilder stocks underperformed in 2022 and he is cautious on housing demand in 2023, especially in the first half. However, he sees a more favorable setup for homebuilder stock performance, Jadrosich tells investors. Among the group, NVR (NVR) is his top homebuilder pick for 2023 given that shares have historically outperformed in weak housing markets. He has raised his price target on NVR shares to $5,500 from $4,900.
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