JMP Securities upgraded KB Home (KBH) to Outperform with a $17 price target saying the homebuilder's risk in Texas from lower oil prices is being overstated given improving macroeconomic fundamentals across the U.S. JMP also upgraded to Outperform this morning shares of D.R. Horton (DHI) and Ryland Homes (RYL). KB Home closed Friday down 38c to $13.45.
Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSMetropolitan... To see the rest of the story go to thefly.com. See Story Here
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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here
Says Florida market still feels good. Says back to normal in terms of inventory turns. Says multifamily platform continues to grow. Says sees prospects for cash flow on a consolidated basis to be increasing into 2025. Says seen a period of volatility in rate environment over the last week. Says pleased with gross margins this quarter. Says moves rates along with the market. Says customers reacting very positively to incentives offered. Comments taken from Q2 earnings conference call.
In Q2: Homes closed increased 15% to 22,548 homes and 14% in value to $8.5B. Net sales orders increased 14% to 26,456 homes and 17% in value to $10.1B.
FY24 consensus $36.32B. Sees FY24: Homes closed by homebuilding operations of 89,000 homes to 91,000 homes; Share repurchases of approximately $1.6B; Income tax rate of approximately 23.5% to 24.0%. The company reiterates its fiscal 2024 guidance for cash flow provided by homebuilding operations of approximately $3B.