Citi analyst Anthony Pettinari raised the firm’s price target on Forestar Group to $30 from $22 and keeps a Buy rating on the shares. The analyst updated estimates to reflect stronger May and June demand and an improved margin outlook due to stronger prices and decelerating costs. There are two “powerful secular tailwinds” that should allow homebuilders to meaningfully beat national housing data: new home sales are gaining share from existing home sales and large public builders are gaining share from smaller private builders, says Citi.
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