FBR Capital Remains Sidelined on KB Home (KBH) Following 3Q Report
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FBR Capital reiterated a Market Perform rating and $16.00 price target on KB Home (NYSE: KBH) following the company's 3Q16 results. KB Home reported headline EPS of $0.42 per share, which exceeded consensus expectations of $0.39. Total revenues grew 8% year over year, driven by KBH’s 11% improvement in closings.
Analyst Patrick Kealey commented, "We reiterate our Market Perform rating on KBH and $16.00 price target following the release of KBH's F3Q16 results. This was a solid quarter for KB Home, as the company exceeded expectations due to improved operating leverage, and the strong order results and backlog bode well for results heading into 2017. Overall, we believe management's focus on asset efficiency is prudent at this point in the housing cycle; however, we believe shares are fully valued at today's levels."
Shares of KB Home closed at $14.93 yesterday.
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