September 28, 2005

Deutsche Bank analyst Gregg Schoenleber initiates coverage of the homebuilders sector and launches coverage of the building products sector

Deutsche Bank Securities Inc. today announced that analyst Gregg Schoenleber has initiated coverage of fourteen stocks in the homebuilders sector: Beazer Homes USA Inc. (NYSE: BZH), Centex Corp. (NYSE: CTX), DR Horton Inc. (NYSE: DHI), Hovnanian Enterprises Inc. (NYSE: HOV), KB Home (NYSE: KBH), Lennar Corp. (NYSE: LEN), MDC Holdings Inc. (NYSE: MDC), Meritage Homes Corp. (NYSE: MTH), Orleans Homebuilders Inc. (AMEX: OHB), Pulte Homes Inc. (NYSE: PHM), Ryland Group Inc. (NYSE: RYL), Standard Pacific Corp. (NYSE: SPF), Toll Brothers Inc. (NYSE: TOL) and WCI Communities Inc. (NYSE: WCI).

The company also announced that Schoenleber has launched coverage of the building products sector and initiated coverage of the following four  uilding products stocks: Black & Decker Corp. (NYSE: BDK), Masco Corp. (NYSE: MAS), Sherwin-Williams Co. (NYSE: SHW) and Stanley Works (NYSE: SWK).

"Macro-economic factors continue to support the housing market and builders are larger, better capitalized, more risk averse and significantly more diversified than they were 15 years ago," said Schoenleber. "Additionally, increasing land constraints and entitlement delays will continue to push housing prices higher."

Deutsche Bank was recently ranked the top bulge-bracket firm for equities research by an Investars survey of asset managers, research directors, analysts, individual investors and financial institutions. The rankings measured one-year performance of Deutsche Bank's stock picks vs. the S&P 500.

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Renee Calabro
Media Relations


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