NVR downgraded to Neutral from Buy at Seaport Research

Seaport Research analyst Kenneth Zener downgraded NVR (NVR) to Neutral from Buy without a price target target post the Q3 report. NVR’s spot land approach, at 24.9% gross margin, affirms the view that its margins are likely under pressure, the analyst tells investors in a research note. The firm cites the stock’s “full valuation” amid cyclical margin concerns for the downgrade.