UPDATE: Sterne Agee Downgrades NVR Based on "Fair" Valuation

In a report published Monday, Sterne Agee analyst Jay McCanless reduced his rating on NVR (NYSE: NVR ) from Buy to Neutral following the company's stock price exceeding the analyst's $1,150.00 price target. McCanless noted that this downgrade is a direct result from NVR's 9.2% increase since the beginning of