-- 独立系調査会社CFRAは、に対し、以下の調査レポートを提供しました。CFRAのアナリストは、以下のように見解をまとめています。当社は、12ヶ月目標株価を110ドル（2026年予想EPS 10.04ドルの11倍）に据え置きます。当社の予想PERは過去の平均を上回っていますが、これは事業の多角化、規模、そして米国の住宅不足によって正当化される評価です。2026年EPS予想を10.46ドルから10.04ドルに、2027年EPS予想を11.84ドルから11.21ドルにそれぞれ修正します。PHMは受注生産方式（BTO）への戦略転換によって利益率の向上を目指していますが、市場が過小評価している短期的な市場シェアと販売戸数の縮小が見込まれます。さらに、優良区画の獲得競争が激化すれば、土地価格の高騰を招き、BTO方式が本来獲得しようとしているメリットが損なわれる可能性があります。したがって、2027年の収益予測は、同社のBTOモデルがこれまで達成してきた実績と比較すると楽観的すぎると考えており、利益率の下方修正が必要になる可能性があります。株価は長期的な住宅不足というシナリオを既に織り込んでいるように見えますが、投資家は実行リスクを見落としており、現在のリスク／リターン比率は好ましくないと考えています。
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