Zelman & Associates Stock Recommendations and Price Targets

This is a list of recent ratings by Zelman & Associates.

Date	Company Name	Action	Current Price	Price Target	Rating
11/12/2025	DFH Dream Finders Homes	Upgrade	$19.00		Neutral ➝ Outperform
11/12/2025	DFH Dream Finders Homes	Upgrade	$19.00		Hold ➝ Strong-Buy
11/7/2025	SKY Champion Homes	Upgrade	$83.00		Neutral ➝ Outperform
11/5/2025	TREX Trex	Downgrade	$34.00		Outperform ➝ Neutral
10/17/2025	TREX Trex	Lower Price Target	$34.00	$74.00 ➝ $66.00	Outperform ➝ Outperform
8/12/2025	MHO M/I Homes	Upgrade	$134.00		Neutral ➝ Outperform
8/8/2025	IBP Installed Building Products	Upgrade	$268.00		Underperform ➝ Neutral
8/8/2025	ZG Zillow Group	Upgrade	$73.00		Hold
8/5/2025	W Wayfair	Boost Price Target	$95.00	$85.00 ➝ $96.00	Outperform ➝ Outperform
8/1/2025	DFH Dream Finders Homes	Downgrade	$19.00		Strong-Buy ➝ Hold
7/29/2025	TLRY Tilray Brands	Reiterated Rating	$7.00		Neutral ➝ Neutral
7/24/2025	MTH Meritage Homes	Upgrade	$72.00		Strong-Buy
7/18/2025	BLDR Builders FirstSource	Reiterated Rating	$111.00		Neutral ➝ Underperform
7/9/2025	RH RH	Lower Price Target	$160.00	$305.00 ➝ $251.00	Outperform ➝ Outperform
7/9/2025	W Wayfair	Boost Price Target	$95.00	$55.00 ➝ $72.00	Outperform ➝ Outperform
6/18/2025	LEN Lennar	Downgrade	$127.00		Strong-Buy ➝ Hold
6/9/2025	VFF Village Farms International	Reiterated Rating	$4.00		Overweight ➝ Overweight
6/5/2025	SKY Champion Homes	Upgrade	$83.00		Strong Sell ➝ Hold
5/15/2025	WSM Williams-Sonoma	Initiated Coverage	$177.00		Underperform
5/15/2025	W Wayfair	Initiated Coverage	$95.00		Outperform
4/14/2025	CSL Carlisle Companies	Upgrade	$323.00		Underperform ➝ Neutral
4/14/2025	AMWD American Woodmark	Reiterated Rating	$55.00		Neutral ➝ Underperform
4/14/2025	MBC MasterBrand	Reiterated Rating	$11.00		Neutral ➝ Underperform
2/13/2025	AVB AvalonBay Communities	Upgrade	$179.00		Neutral ➝ Outperform
2/13/2025	UDR United Dominion Realty Trust	Reiterated Rating	$35.00		Outperform ➝ Neutral
2/12/2025	HOV Hovnanian Enterprises	Reiterated Rating	$104.00		Neutral ➝ Underperform
1/31/2025	CCS Century Communities	Upgrade	$62.00		Hold
1/27/2025	FPH Five Point	Upgrade	$6.00		Neutral ➝ Outperform
1/17/2025	SHW Sherwin-Williams	Upgrade	$335.00		Strong-Buy
1/17/2025	FERG Ferguson	Downgrade	$250.00		Strong-Buy ➝ Hold
1/17/2025	MAS Masco	Upgrade	$64.00		Strong-Buy
9/23/2024	LEN Lennar	Upgrade	$127.00		Neutral ➝ Outperform
9/17/2024	TPH Tri Pointe Homes	Upgrade	$34.00	$43.00	Underperform ➝ Neutral
9/17/2024	BZH Beazer Homes USA	Reiterated Rating	$23.00		Neutral ➝ Underperform
9/5/2024	AVB AvalonBay Communities	Upgrade	$179.00		Hold
8/12/2024	TMHC Taylor Morrison Home	Upgrade	$63.00		Neutral ➝ Outperform
8/5/2024	BZH Beazer Homes USA	Downgrade	$23.00		Strong-Buy ➝ Hold
7/17/2024	AMWD American Woodmark	Reiterated Rating	$55.00		Buy ➝ Neutral
6/17/2024	BLDR Builders FirstSource	Reiterated Rating	$111.00		Buy ➝ Hold
5/23/2024	HOV Hovnanian Enterprises	Upgrade	$104.00	$155.00	Underperform ➝ Neutral
5/13/2024	KBH KB Home	Reiterated Rating	$64.00	$69.00	Neutral ➝ Underperform
5/13/2024	DFH Dream Finders Homes	Upgrade	$19.00	$34.50	Neutral ➝ Outperform
4/24/2024	PHM PulteGroup	Upgrade	$128.00		Neutral ➝ Outperform
4/12/2024	HOV Hovnanian Enterprises	Reiterated Rating	$104.00		Neutral ➝ Underperform
4/12/2024	TMHC Taylor Morrison Home	Upgrade	$63.00		Underperform ➝ Neutral
4/2/2024	HD Home Depot	Upgrade	$351.00		Neutral ➝ Outperform
4/2/2024	LOW Lowe's Companies	Reiterated Rating	$246.00	$265.00	Outperform ➝ Neutral
2/26/2024	MTH Meritage Homes	Upgrade	$72.00		Neutral ➝ Outperform
8/18/2023	CSL Carlisle Companies	Downgrade	$323.00		Hold ➝ Sell
8/18/2023	SWK Stanley Black & Decker	Upgrade	$72.00		Hold ➝ Buy
8/18/2023	AMWD American Woodmark	Upgrade	$55.00		Hold ➝ Buy
7/31/2023	BZH Beazer Homes USA	Upgrade	$23.00		Hold ➝ Buy
5/25/2023	TOL Toll Brothers	Upgrade	$141.00		Hold ➝ Buy
5/8/2023	BLDR Builders FirstSource	Upgrade	$111.00		Hold ➝ Buy
4/27/2023	ZG Zillow Group	Upgrade	$73.00		Hold ➝ Buy
3/3/2023	COMP Compass	Upgrade	$10.00		Hold ➝ Buy
1/27/2023	SHW Sherwin-Williams	Downgrade	$335.00		Buy ➝ Hold
12/21/2022	BLDR Builders FirstSource	Downgrade	$111.00		Buy ➝ Hold
12/21/2022	AWI Armstrong World Industries	Downgrade	$185.00		Buy ➝ Hold
12/16/2022	FBIN Fortune Brands Innovations	Initiated Coverage	$51.00		Hold
12/16/2022	MBC MasterBrand	Initiated Coverage	$11.00		Buy