FBR Capital Raises PT on Standard Pacific (SPF) After Q4 Results

February 4, 2013 12:15 PM EST
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Price: $8.00 --0%

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FBR Capital raised its price target on Outperform-rated Standard Pacific (NYSE: SPF) from $8.50 to $9.50 following Q4 results on Thursday.

The firm comments, "The company exceeded consensus expectations as new orders and margin expansion were once again the story. While new order growth may slow in 2013 due solely to tougher comps, we believe margin expansion will continue to play out as new higher-margin communities make up a larger proportion of closings. Home price appreciation should be an additional earnings lever for the year, given SPF's leverage to the move-up buyer. We expect a healthier housing market will be especially beneficial for Standard Pacific's business as more prospective buyers gain equity int heir current home and easing credit standards allow them to finally reenter the new home market."

The firm trimmed FY13 EPS from $0.45 to $0.42. FY14 remains at $0.55.

For an analyst ratings summary and ratings history on Standard Pacific click here. For more ratings news on Standard Pacific click here.

Shares of Standard Pacific closed at $7.93 yesterday.

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