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Truist Securities analyst Jailendra Singh maintains Hims &amp; Hers Health (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIMS#NYSE">HIMS</a>) with a Hold and raises the price target from $13 to $23.

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Hims & Hers Health, Inc. Class A Common Stock

HIMS

Truist Securities Maintains Hold on Hims & Hers Health, Raises Price Target to $23

WIIM

Hexcel shares are trading lower after the company missed Q2 revenue estimates and lowered its FY24 outlook.

Sarah Johnson, a 32-year-old software engineer who recently moved to Chicago from Los Angeles, thought she was doing everything right. Good job, steady savings, excellent credit score. But she hit a wall when she set out to buy her first home this year.
"I make six figures, and I still can&#8217;t afford a decent place," Johnson told Benzinga. "It&#8217;s like the goal posts keep moving."
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She&#8217;s not alone. A report issued by Realtor.com quantified a trend: The salary needed to buy a median-priced home in the U.S. has nearly doubled since the start of the COVID-19 pandemic.
Until early 2022, the minimum income required for a median-priced home was close to the median household income. There's now a $36,000 gap between what Americans typically earn (about $84,000) and what they need to make (around $120,000) to afford an average home.
"This is how we think about the affordability curve," explains Hannah Jones, a senior economic analyst at Realtor.com. "How do incomes measure up against inventory?"
The answer, for many Americans, is poor.
The shift is most dramatic in coastal cities. In Los Angeles, the income required to buy a median-priced home has skyrocketed from $152,000 in 2016 to $335,000 today. Despite the growth, the median income falls short by $240,000.
Trending: Rory McIlroy&#8217;s mansion in Florida is worth $22 million today, doubling from 2017 —<a href="https://www.benzinga.com/money/bezos-landlord-100-dollars"> here&#8217;s how to get started investing in real estate with just $100</a>
San Diego and San Jose are similar to LA, with median home prices now hovering around $1 million and $1.4 million, respectively. Boston and New York City are seeing their affordability crises unfold on the East Coast.
But it&#8217;s not just the usual suspects feeling the pinch. Kansas City, Missouri, once an affordable area, has seen its housing market transform. In 2016, the median income exceeded the minimum required for a home by $14,000. Today, there&#8217;s a $32,000 deficit.
"It&#8217;s not just about high demand," Jones said. "It&#8217;s also about how these cities manage inventory. Places like DC, which have seen crazy price growth because of limited inventory, showcase how significant these factors are in driving prices up."
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However, there are pockets of relative stability. Some Texas markets, including Houston, San Antonio, and Dallas, have <a href="https://www.benzinga.com/real-estate/24/05/38970190/housing-affordability-challenges-persist-yet-buyers-market-flourishes-in-texas-and-florida">managed to maintain some balance</a>. Jones attributes that to the size of the markets and their ability to construct new homes, enabling "price growth to be more reasonable relative to incomes."
A few <a href="https://www.benzinga.com/real-estate/24/07/39727958/a-massive-bubble-in-the-housing-market-has-developed-and-it-is-about-to-pop-real-estate-executive-sa">markets even buck the trend entirely</a>. Detroit, Pittsburgh, and Baltimore stand out as examples where median household incomes still surpass the required income for a median-priced home. Those cities, with some of the country&#8217;s least expensive real estate, offer hope for those seeking affordable homeownership.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Metropolitan Area</td>
<td>Year</td>
<td>Median Home Price</td>
<td>Required Income</td>
<td>Median Income</td>
</tr>
<tr>
<td>Los Angeles-Long Beach-Anaheim, CA</td>
<td>2016</td>
<td>$749,900</td>
<td>$151,657</td>
<td>$65,950</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$1,249,000</td>
<td>$335,296</td>
<td>$95,465</td>
</tr>
<tr>
<td>San Jose-Sunnyvale-Santa Clara, CA</td>
<td>2016</td>
<td>$979,000</td>
<td>$197,990</td>
<td>$110,040</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$1,441,979</td>
<td>$387,102</td>
<td>$162,005</td>
</tr>
<tr>
<td>San Diego-Chula Vista-Carlsbad, CA</td>
<td>2016</td>
<td>$669,900</td>
<td>$135,478</td>
<td>$70,824</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$1,048,944</td>
<td>$281,591</td>
<td>$107,635</td>
</tr>
<tr>
<td>Boston-Cambridge-Newton, MA-NH</td>
<td>2016</td>
<td>$519,000</td>
<td>$104,961</td>
<td>$82,380</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$879,000</td>
<td>$235,969</td>
<td>$113,214</td>
</tr>
<tr>
<td>New York-Newark-Jersey City, NY-NJ-PA</td>
<td>2016</td>
<td>$449,000</td>
<td>$90,804</td>
<td>$71,897</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$789,000</td>
<td>$211,808</td>
<td>$100,053</td>
</tr>
<tr>
<td>Washington-Arlington-Alexandria, DC-VA-MD-WV</td>
<td>2016</td>
<td>$439,999</td>
<td>$88,984</td>
<td>$95,843</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$632,004</td>
<td>$169,663</td>
<td>$130,503</td>
</tr>
<tr>
<td>Kansas City, MO-KS</td>
<td>2016</td>
<td>$235,000</td>
<td>$47,526</td>
<td>$61,385</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$429,000</td>
<td>$115,166</td>
<td>$83,173</td>
</tr>
</tbody>
</table>
</figure>
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Metropolitan Area</td>
<td>Year</td>
<td>Median Home Price</td>
<td>Required Income</td>
<td>Median Income</td>
</tr>
<tr>
<td>Hartford-East Hartford-Middletown, CT</td>
<td>2016</td>
<td>$274,900</td>
<td>$55,595</td>
<td>$72,559</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$449,900</td>
<td>$120,776</td>
<td>$93,124</td>
</tr>
<tr>
<td>Richmond, VA</td>
<td>2016</td>
<td>$274,950</td>
<td>$55,605</td>
<td>$62,929</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$475,000</td>
<td>$127,515</td>
<td>$91,215</td>
</tr>
<tr>
<td>Milwaukee-Waukesha, WI</td>
<td>2016</td>
<td>$219,900</td>
<td>$44,472</td>
<td>$58,029</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$400,000</td>
<td>$107,381</td>
<td>$77,439</td>
</tr>
<tr>
<td>Houston-The Woodlands-Sugar Land, TX</td>
<td>2016</td>
<td>$329,999</td>
<td>$66,738</td>
<td>$61,708</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$372,900</td>
<td>$100,106</td>
<td>$83,312</td>
</tr>
<tr>
<td>Detroit-Warren-Dearborn, MI</td>
<td>2016</td>
<td>$200,000</td>
<td>$40,447</td>
<td>$56,142</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$275,000</td>
<td>$73,824</td>
<td>$77,369</td>
</tr>
<tr>
<td>San Antonio-New Braunfels, TX</td>
<td>2016</td>
<td>$287,900</td>
<td>$58,224</td>
<td>$56,105</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$349,000</td>
<td>$93,690</td>
<td>$78,499</td>
</tr>
<tr>
<td>Pittsburgh, PA</td>
<td>2016</td>
<td>$166,900</td>
<td>$33,753</td>
<td>$56,063</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$259,900</td>
<td>$69,771</td>
<td>$77,133</td>
</tr>
<tr>
<td>Baltimore-Columbia-Towson, MD</td>
<td>2016</td>
<td>$289,900</td>
<td>$58,628</td>
<td>$76,788</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$369,900</td>
<td>$99,300</td>
<td>$99,866</td>
</tr>
</tbody>
</table>
</figure>
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Real Estate

Affording A Home Now Requires Double The Salary Thanks To The Pandemic: Check Your City's New Reality

Truist Securities analyst Barry Jonas maintains Everi Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVRI#NYSE">EVRI</a>) with a Hold and lowers the price target from $11 to $10.

EVRI

Truist Securities Maintains Hold on Everi Hldgs, Lowers Price Target to $10

Benchmark analyst Subash Chandra reiterates Magnolia Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGY#NYSE">MGY</a>) with a Hold.

Reiteration

Benchmark Reiterates Hold on Magnolia Oil & Gas

Foot Locker shares are trading lower after Morgan Stanley downgraded the stock from Equal-Weight to Underweight and lowered its price target from $24 to $18.

Mercedes-Benz Group AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MBGYY#OTC">MBGYY</a>) and Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) are in talks with the Serbian government to invest in lithium-processing and <a href="https://www.benzinga.com/electric-vehicles">electric vehicle (EV) battery production</a>.
Both companies&#8217; involvement would focus on developing EV battery output and processing facilities. 
The car companies, already partners in a battery joint venture, aim to build on the line of Rio Tinto Plc&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) $2.4 billion investment in a Serbian mine.
These discussions mark progress in reviving the project that Serbia halted two years ago after local protests, reported <a href="https://www.bloomberg.com/news/articles/2024-07-18/mercedes-stellantis-in-talks-to-back-serbia-s-lithium-ambitions?srnd=industries-v2&amp;sref=TBDibEcD">Bloomberg</a>.
The Serbian government has emphasized the need for a comprehensive lithium industry rather than merely exporting raw materials. 
As the European Union depends entirely on imports for battery production, it is keen on developing its own EV supply chain to reduce reliance on Asia. 
Despite potential advancements in European battery production, the industry remains heavily dependent on China&#8217;s raw materials and processing capabilities.
Also Read: <a href="https://www.benzinga.com/markets/equities/24/07/39820627/starbucks-and-mercedes-benz-rev-up-ev-charging-along-i-5-a-green-drive-from-canada-to-mexico">Starbucks and Mercedes-Benz Rev Up EV Charging Along I-5: A Green Drive from Canada to Mexico</a>
An overall slowdown in EV adoption has delayed several battery manufacturing projects. Both Mercedes and Stellantis have paused two out of three planned battery plants in Europe, originally budgeted at €7 billion ($7.7 billion), due to lower-than-expected vehicle demand.
Serbia&#8217;s President Aleksandar Vucic announced that Serbia will sign a framework agreement with the European Union on mineral raw materials. 
The agreement aims to establish a processing industry and battery production in Serbia, ensuring that produced materials and EVs qualify for sale in the EU without additional taxes.
Management from both the automakers may sign letters of intent to further develop Serbia's lithium industry, boosting the country&#8217;s economic growth and technological advancements.
Price Action: STLA shares are trading higher by 3.20% at $20.99 in premarket at last check Thursday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock

General

MERCEDES-BENZ UNSP / ADR by Mercedes Benz Group AG

MBGYY

STLA

Mercedes-Benz, Stellantis Consider Major Investment In Serbian Lithium Project

Jefferies analyst Suneet Kamath maintains Principal Finl Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PFG#NASDAQ">PFG</a>) with a Hold and raises the price target from $73 to $76.

Jefferies Maintains Hold on Principal Finl Gr, Raises Price Target to $76

PNFP

Pinnacle Financial Partners shares are trading lower after Piper Sandler downgraded the stock from Overweight to Neutral despite raising its price target from $95 to $98.

Jefferies analyst Suneet Kamath maintains MetLife (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MET#NYSE">MET</a>) with a Buy and raises the price target from $83 to $86.

Jefferies Maintains Buy on MetLife, Raises Price Target to $86

e.l.f. Beauty shares are trading higher after Baird upgraded the stock from Neutral to Outperform and raised its price target from $210 to $230.

Benchmark analyst Todd Brooks reiterates Chuy's Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHUY#NASDAQ">CHUY</a>) with a Buy and maintains $41 price target.

CHUY

Benchmark Reiterates Buy on Chuy's Holdings, Maintains $41 Price Target

BMO Capital analyst James Fotheringham maintains Synchrony Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYF#NYSE">SYF</a>) with a Market Perform and lowers the price target from $42 to $41.

BMO Capital Maintains Market Perform on Synchrony Finl, Lowers Price Target to $41

DOCS

Doximity shares are trading lower after Wells Fargo downgraded the stock from Equal-Weight to Underweight and lowered its price target from $27 to $19.

Jefferies analyst Suneet Kamath maintains Brighthouse Finl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BHF#NASDAQ">BHF</a>) with a Buy and raises the price target from $54 to $59.

Brighthouse Financial, Inc. - Common Stock

Jefferies Maintains Buy on Brighthouse Finl, Raises Price Target to $59

BMO Capital analyst Kostas Biliouris maintains 4D Molecular Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FDMT#NASDAQ">FDMT</a>) with a Outperform and lowers the price target from $63 to $40.

FDMT

BMO Capital Maintains Outperform on 4D Molecular Therapeutics, Lowers Price Target to $40

Benchmark analyst Daniel Kurnos reiterates Airbnb (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>) with a Buy and maintains $190 price target.

ABNB

Benchmark Reiterates Buy on Airbnb, Maintains $190 Price Target

BMO Capital analyst Fadi Chamoun maintains CAE (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CAE#TSX">CAE</a>) with a Outperformer and lowers the price target from C$34 to C$33.

TSX:CAE

BMO Capital Maintains Outperformer on CAE, Lowers Price Target to C$33

Jefferies analyst Trevor Williams maintains Corpay (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPAY#NYSE">CPAY</a>) with a Buy and raises the price target from $295 to $350.

CPAY

Jefferies Maintains Buy on Corpay, Raises Price Target to $350

BMO Capital analyst Fadi Chamoun maintains Air Canada (TSX:<a class="ticker" href="https://www.benzinga.com/stock/AC#TSX">AC</a>) with a Outperform and lowers the price target from C$32 to C$30.

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