Buckingham Initiates Coverage On Several Homebuilders

Traders and investors may want to pay attention to the Homebuilding sector ahead of a busy week for the group going in to the seasonal "hope trade" period where shares of Homebuilder stocks are expected to outperform the broader index.

Buckingham's housing analyst Mark Weintraub initiated coverage on a number of Homebuilder stocks on Monday.

KB Home (NYSE: KBH) was initiated with a Buy rating and $21 price target.

Lennar Corporation (NYSE: LEN) was initiated with a Buy rating and $50 price target.

PulteGroup, Inc. (NYSE: PHM) was initiated with a Buy rating and $24 price target.

D.R. Horton (NYSE: DHI) was initiated with a Neutral rating and $23 price target.

Toll Brothers Inc (NYSE: TOL) was initiated with a Neutral rating and $34 price target.

Last week, several other analysts released research notes for the Homebuilder sector, including Sterne Agee and Compass Point Research.

Housing Data Schedule

Shares of Homebuilder stocks were trading higher Monday with the SPDR S&P Homebuilders ETF (NYSE: XHB) trading higher by more than 1.5 percent.

The Street will be receive several takes into the housing market over the coming week.

On Tuesday, Existing Home Sales for September is expected to rise one percent to 5.1 million units.

On Wednesday, FHFA House Price Index is expected to grow by 0.3 percent.

On Friday, New Home Sales for September is expected to fall seven percent to 470,000 units.

Next Monday, Pending Home Sales for September is expected to rise one percent.