PKB: Mortgage Rates Easing Again, Cyclical Strength Resurfaces, But Risks Remain (Downgrade)

Invesco Building & Construction ETF (PKB) is downgraded to hold after a 26% rally and elevated valuation. PKB trades at a 20.8x P/E, over 5 turns higher than prior review, with a PEG near 2, reflecting stretched valuation. Momentum and technicals remain favorable, with bullish seasonality through July and a potential upside target of $118.