Morgan Stanley has launched coverage of US stock homebuilders and is cautious. Analyst Adam Kramer wrote in a report to clients: “We are launching coverage for homebuilders with a cautious industry perspective.” He pointed out that these builders have gained market share, reduced leverage, and “moved to a less asset-light land strategy, leading to better cash flow and greater buyback.”

Morgan Stanley has launched coverage of US stock homebuilders and is cautious. Analyst Adam Kramer wrote in a report to clients: “We are launching coverage for homebuilders with a cautious industry perspective.” He pointed out that these builders have gained market share, reduced leverage, and “moved to a less asset-light land strategy, leading to better cash flow and greater buyback.”