Why BofA Downgrades Homebuilders Owens Corning, Dream Finders Homes
Why BofA Downgrades Homebuilders Owens Corning, Dream Finders Homes
The company has "relatively high new construction exposure," estimated at more than a third of insulation and 20% of roofing, the analyst wrote in the note.New home demand has deteriorated over the past few weeks due to the spike in mortgage rates, a sharp decline in consumer confidence and the weaker economic growth outlook, according to BofA Securities.
根據美國銀行證券的數據，過去幾周，由於抵押貸款利率飆升、消費者信心大幅下降以及經濟增長前景疲軟，新屋需求有所惡化。
BofA On Owens Corning
美國銀行對歐文斯·康寧的看法
Analyst Rafe Jadrosich downgraded the rating for Owens Corning (NYSE:OC) from Buy to Underperform, while reducing the price target from $119 to $80.
分析師Rafe Jadrosich下調了對歐文斯·康寧(紐約證券交易所股票代碼：OC)從Buy到UnderPerformance，同時將目標價從119美元下調至80美元。
The company has "relatively high new construction exposure," estimated at more than a third of insulation and 20% of roofing, the analyst wrote in the note.
這位分析師在報告中寫道，該公司的新建築風險敞口相對較高，估計超過三分之一的隔熱材料和20%的屋頂。
"In insulation, we now expect volume to decline ~10% YoY in 2023 and margins to compress. Composites could slow in 2023 with weaker industrial demand," he added. Jadrosich further mentioned there seems to be a limited upside to roofing, with "margins and sales likely near peak levels."
“在絕緣領域，我們現在預計2023年銷量同比下降約10%，利潤率將壓縮。隨着工業需求減弱，複合材料可能會在2023年放緩，”他補充道。Jadrosich進一步提到，屋頂似乎有有限的上行空間，“利潤率和銷售額可能接近峯值水平。”
BofA On Dream Finders Homes
美國銀行談尋夢者之家
Analyst Jadrosich downgraded the rating for Dream Finders Homes Inc (NASDAQ:DFH) from Neutral to Underperform, while reducing the price target from $18 to $ $10.50.
分析師Jadrosich下調了對尋夢者之家公司納斯達克(Sequoia Capital：DFH)從中性下調至表現不佳，同時將目標價從18美元下調至10.5美元。
The backdrop for Dream Finders Homes is more challenging than for other builders, the BofA analyst said in the note. He explained that the company has "high exposure to entry-level homebuyers," higher financial leverage than peers and "a significant portion of DFH's optioned land (estimate >40%) was contracted in the last year at potentially elevated land prices."
這位美銀分析師在報告中表示，與其他建築商相比，Dream Finders住宅的背景更具挑戰性。他解釋説，該公司對入門級購房者的風險敞口很高，財務槓桿比同行更高，而且在過去一年中，很大一部分(估計超過40%)的可選土地是以潛在的高地價簽約的。
OC, DFH Price Action: Owens Corning's stock had declined by 2.03% to $74.64, while shares of Dream Finders Homes had declined by 9.48% to $10.70 at the time of publication Friday.
項目主管、東方紅價格行動：歐文斯·康寧的股價下跌了2.03%，至74.64美元，而Dream Finders Home的股價在週五發表時下跌了9.48%，至10.70美元。
Photo: Kanjana Kawfang via Shutterstock
圖片：Kanjana Kawfang通過Shutterstock
譯文內容由第三人軟體翻譯。