Homebuilders Finally See Some Relief After Analyst Upgrade

November 28, 2018
Lily Katz, Natalie Pertsovsky, & Vildana Hajric - Bloomberg

An exchange-traded fund tracking homebuilders climbed the most in more than six months Thursday, offering the battered sector a reprieve, following a bullish call on Wall Street and a rebound in U.S. pending home sales.

The 36-company SPDR S&P Homebuilders ETF, known as XHB, rose as much as 3.3 percent, the most intraday since April 4, after Evercore ISI analyst Stephen Kim upgraded six stocks. He said the sector’s winter rally, which usually begins in October or November, has “an impressive track record of outperformance.” Meritage Homes Corp., which was upgraded to overweight, jumped as much as 9.4 percent in its biggest gain since January 2016.



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