PHM - Armstrong World Raised MDC PulteGroup Cut at BofA

Armstrong World (AWI) raised to buy from neutral at BofA as 2020 was likely the bottom of the ``COVID-19 induced commercial construction headwinds'' and negative sentiment.Downgrade shares of MDC Holdings (MDC) to neutral from buy given among the most ``challenging 2021 order comps'' and a ``relatively elevated average selling price,'' according to BofA analyst John LovalloAlso downgraded PulteGroup (PHM) to underperform from neutral as the company’s ``move-up focus/higher ASP render its product more discretionary''Maintains D.R. Horton (DHI) as top homebuilder pick in 2021Last week a Freddie Mac Primary Mortgage Market Survey indicated that mortgage rates hover near record lows and are expected to stay flat into new year

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Armstrong World Raised, MDC, PulteGroup Cut at BofA