Builders FirstSource's Permits Data Better Reflects Single-Family Housing Trends Than Starts, BofA Says

MT Newswires Live10-21 23:12

Builders FirstSource's (BLDR) permits data is more indicative of the underlying single-family trend than housing starts which can be highly volatile from month-to-month, BofA Securities said in a Wednesday note.

The Census Bureau September housing starts rate fell 5% month-over-month to 1.22 million units, compared with 1.29 million in August. Single-family housing starts were down 5% month-over-month, while multi-family starts declined 7%, according to the note.

September housing permits were flat month-over-month at a seasonally adjusted annualized rate of 1.40 million units. Multifamily permits rose 6% month-over-month, while single-family permits fell 4%, the note added.

The brokerage lowered its 2026 and 2027 EBITDA estimates by 3% and 10%, respectively, to reflect the softer housing starts environment. Higher leverage and lower share repurchase assumptions led BofA to cut its 2026 and 2027 adjusted EPS estimates by 7% and 23%, respectively.

BofA kept a buy rating on Builders FirstSource and lowered its price target to $60 from $71.

Price: 53.51, Change: -0.41, Percent Change: -0.76

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Higher leverage and lower share repurchase assumptions led BofA to cut its 2026 and 2027 adjusted EPS estimates by 7% and 23%, respectively.BofA kept a buy rating on Builders FirstSource and lowered its price target to $60 from $71.Price: 53.51, Change: -0.41, Percent Change: -0.76","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.52.0","shortVersion":"4.52.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2677608453","isCrawlerRequest":true}