NEW YORK-- Shares of homebuilders tumbled Thursday on a report that U.S. builders broke ground on fewer homes in April, but analysts said the drop could be looked at as a buying opportunity. According to the Commerce Department, builders started construction at a seasonally adjusted annual rate of 853,000, a 16.5 percent drop from the March pace of 1.02 million.
WASHINGTON-- Builders likely broke ground at a slightly slower pace in April but activity was expected to remain close to the 1- million mark. The Commerce Department will release the report at 8:30 a.m. EDT Thursday.
WESTLAKE VILLAGE, Calif.-- Ryland Group Inc.' s strong sales trends from the first three months of the year have continued into April, suggesting a healthy spring selling season for the homebuilder.
April 29- Ryland Group Inc:. *S&P Capital IQ raises to hold from sell; raises price target by $19 to $53. Reuters Station users, click. 1568.
April 26- Ryland Group Inc:. For a summary of rating and price target changes on U.S. companies: Reuters Eikon users, click on RCH/US Reuters 3000 Xtra users, double-click RCH/US Reuters Station users, click. 1568.
April 26- Ryland Group Inc:. *FBR raises price target to $49 from $43; rating market perform. Reuters Station users, click. 1568.
April 26- Ryland Group Inc:. *Barclays raises price target to $50 from $45. Reuters Station users, click. 1568.
April 25- Ryland Group Inc:. *UBS raises price target to $39 from $36; rating neutral. Reuters Station users, click. 1568.
April 25- Ryland Group Inc:. *Credit Suisse raises price target to $44 from $42; rating neutral. Reuters Station users, click. 1568.