Deutsche Bank Boosts PTs on Homebuilders (TOL), (KBH) and (LEN)

February 11, 2013 3:36 PM EST Send to a Friend
Get Alerts TOL Hot Sheet
Price: $31.85 +0.47%

Rating Summary:
    8 Buy, 15 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 28 | New: 24
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Deutsche Bank raised its price target on Buy-rated Toll Bros. (NYSE: TOL) from $37 to $39 and Hold-rated KB Home (NYSE: KBH) from $16 to $19.50 and Lennar (NYSE: LEN) from $35 to $37 as they increase their 'base recovery' multiple to 1.75x from 1.7x.

Commenting on the home building sector, the firm said: "Public builder community counts grew only 0.3% sequentially in 4Q12 compared to 2.6% in 3Q12; however, this reflects seasonality and close-outs rather than a slowdown in intended growth. The peak for builder closings is typically in 4Q12; also, order growth of 35% yr/yr was higher than the 29% consensus expectation. The ramp in land spend that began in 3Q12 gained considerable momentum in 4Q12 and this should lead to stronger growth in community counts in 2013. We expect overall community count for the builders to be up nearly 8% by the end of 2013."

For an analyst ratings summary and ratings history on Toll Bros. click here. For more ratings news on Toll Bros. click here.

Shares of Toll Bros. closed at $36.32 yesterday.


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