-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下：我們下調了NVR未來12個月的目標價5,519美元（先前為6,100美元），相當於我們2027年每股收益預期380.20美元的14.5倍。我們的估值倍數與過去10年的平均值一致，我們認為這反映了NVR較低的市場重疊度以及美國消費者因高房價而持觀望態度。我們將2026年每股收益預期從405.94美元下調至344.92美元，並將2027年每股收益預期從420.72美元下調至380.20美元。鑑於第一季業績未達預期，我們認為2026年的營收預期已有所調整。作為一家規模較大的公司，NVR應該能夠繼續保持其市場份額，但在市場環境惡化的情況下，這可能會付出高昂的代價。我們預測，到2026年，平均售價將面臨壓力，而銷售、管理及行政費用（SG&A）方面的投資將擠壓利潤率。雖然這並非我們的基本預期，但在市場環境惡化的情況下，我們預期NVR的債務負擔可能會增加。從估價角度來看，該股目前的交易價格較同業溢價30%，而其歷史溢價則高達70%。鑑於消費者的不確定性，我們認為目前的溢價是合理的，而非買入良機。
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