Despite a sharp decline in homebuilder demand, Lennar Corp (NYSE: LEN) and NVR, Inc. (NYSE: NVR) have been able to gain market share in the housing market.
Citigroup raised the price target for The Manitowoc Company, Inc. (NYSE: MTW) from $11 to $21. Citigroup analyst Timothy Thein maintained a Neutral rating. Manitowoc shares fell 2.4% to $19.09 in pre-market trading.
The housing market has been top-of-mind for new and would-be homeowners for months, as the Federal Reserve’s aggressive rate hike campaign has kept mortgage rates at highs last seen since 2007.
And it’s not just expensive borrowing costs keeping people in their apartments.
Homebuilder sentiment increased in January for the first time in a year after declining for 12 straight months, triggering a rally in homebuilder stocks.
What Happened: Recent data issued by the National Association of Homebuilders (NAHB) showed its national Housing Market Index (HMI) rose moderately from a December low of 31 to a more-encouraging 35.