Wedbush Starts CalAtlantic Group (CAA) at Outperform
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Wedbush initiates coverage on CalAtlantic Group (NYSE: CAA) with a Outperform rating and a price target of $44.00.
Analyst Jay McCanless commented, "We are initiating coverage of CalAtlantic Group with an OUTPERFORM rating and a $44 price target. The shares currently trade below our FY17E book value of $41.08/share which has historically suggested that either land values or home values will begin to flatten out or decline. We do not see signs of either occurring over the near to medium term. Thus at current levels, investors can buy CAA’s national land base at a discount to historical cost and receive a healthy operating business as well."
Shares of CalAtlantic Group closed at $33.80 yesterday.
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