Wedbush Remains Bullish on KB Home (KBH) Ahead of Investor Day
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Wedbush reiterated an Outperform rating and $22.00 price target on KB Home (NYSE: KBH) ahead of the company's investor day. On the F3Q16 conference call, KBH said it will be shifting to privately held Stearns Mortgage from Nationstar as its preferred mortgage provider. KBH also highlighted its 52% exposure to the first-time buyer market. According to the FY17 guidance, KBH’s community count should expand from F4Q16 to F1Q17.
Analyst Jay McCanless commented, "We would be buyers of OUTPERFORM-rated KBH ahead of the Company’s investor day scheduled for October 18th. We believe the Company’s focus on entry-level consumers (~52% of community count as of F3Q16) was a key factor in KBH’s better-than-expected order growth of ~16% in F3Q16. With a community exposure over 50% to that buyer group, we view KBH as well-positioned from any demand increase as a result of loosening mortgage standards. The Investor Conference is scheduled to begin at 1PM PDT on 10/18 and can be accessed in the investor relations section at investor.kbhome.com."
Shares of KB Home closed at $15.70 yesterday.
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