BUZZ-J.P. Morgan expects tougher 2025 for US homebuilders

Reuters12-13

BUZZ-J.P. Morgan expects tougher 2025 for US homebuilders

** Brokerage J.P. Morgan anticipates less supportive demand/supply environment for U.S. homebuilders in 2025

** Brokerage says key factors driving housing demand such as interest rates, job growth, and affordability are unlikely to see significant improvements in 2025

** J.P. Morgan says homebuilders' margin and ROE will likely fall in 2025

** Brokerage downgrades D.R. Horton DHI.N to "underweight" and both Toll Brothers TOL.N and Meritage Homes Corp MTH.N to "neutral"; cuts PTs for all three

** Brokerage upgrades Century Communities CCS.N to "neutral" from "underweight", citing "stock’s solid relative underperformance in 2024, down 7% vs our universe’s average 12% gain"

** Shares of TOL down 0.7% and DHI down 1.1% premarket

** "We also see the incoming Trump administration’s policies as potentially disrupting housing’s labor force, as immigrants account for the largest percentage of U.S. construction workers since 2004" - Brokerage

** As of last close, the S&P Composite 1500 Homebuilding Sub Index .SPCOMHOME up 10%, YTD

(Reporting by Rupali Chaudhary in Bengaluru)

((Rupali.Chaudhary@thomsonreuters.com))

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Morgan <span>says </span>homebuilders' margin and ROE <span>will likely fall </span>in 2025</p><p>** <span>Brokerage </span>downgrades D.R. Horton <span>DHI.N</span> to \"<span>underweight</span>\" and both <span>Toll Brothers</span> <span>TOL.N</span> and <a href=\"https://laohu8.com/S/MTH\">Meritage Homes Corp</a> <span>MTH.N</span> to \"neutral\"; cuts PT<span>s</span> for all three</p><p>** Brokerage upgrades <a href=\"https://laohu8.com/S/CCS\">Century Communities</a> <span>CCS.N</span> to \"neutral\" from \"underweight\", citing \"stock’s solid relative underperformance in 2024, down 7% vs our universe’s average 12% gain\"</p><p>** <span>Shares of TOL down 0.7% and DHI down 1.1% premarket</span></p><p>** \"We also see the incoming Trump administration’s policies as potentially disrupting housing’s labor force, as immigrants account for the largest percentage of U.S. construction workers since 2004\" - Brokerage </p><p>** As of last close, the S&amp;P Composite 1500 Homebuilding Sub Index <span>.SPCOMHOME</span> up 10%, YTD</p><p> (Reporting by Rupali Chaudhary in Bengaluru)</p><p> ((Rupali<a href=\"https://laohu8.com/S/02403\">.C</a>haudhary@thomsonreuters.com))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BUZZ-J.P. 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