Green Brick downgraded to Neutral on valuation at B. Riley

B. Riley analyst Alex Rygiel downgraded Green Brick Partners to Neutral from Buy with a price target of $62, up from $48. The analyst says housing industry data is trending positive with year-over-year growth in new home sales in April and strong housing starts in May. The firm expects improving new order trends across the home building industry as buyers adjust to higher mortgage rates and home builders start to realize improving profitability, transitioning away from higher cost inventory to new product at lower cost and less discounting. However, Riley downgraded Green Brick on valuation following the stock’s recent rally.