-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们维持对PHM未来12个月的目标价为110美元，相当于2026年每股收益预期10.04美元的11倍。我们的预期市盈率高于历史平均水平，这一估值是基于其多元化业务、规模以及美国住房短缺的现状。我们将2026年每股收益预期从10.46美元下调至10.04美元，并将2027年每股收益预期从11.84美元下调至11.21美元。尽管PHM战略性地转向按订单生产模式旨在提高利润率，但我们认为其市场份额和房屋销量短期内将出现萎缩，而市场低估了这一萎缩幅度。此外，优质地块的竞争可能会进一步加剧这一挑战，推高土地成本，并削弱按订单生产模式旨在实现的收益。因此，我们认为该公司2027年的营收预期过于乐观，与其按订单生产模式的实际表现相比仍有差距，可能需要下调利润率预期。鉴于股价似乎已经反映了长期住房短缺的预期，我们认为投资者忽略了执行风险，导致目前的风险/回报比并不理想。
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