Wedbush Starts WCI Communities (WCIC) at Neutral
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Wedbush initiates coverage on WCI Communities (NYSE: WCIC) with a Neutral rating and a price target of $21.00.
Analyst Jay McCanless commented, "We are initiating coverage of WCI Communities with a NEUTRAL rating and a $21 price target. WCIC is a pure play on the Florida market with a focus on the western coast of Florida. Recent existing home sales trends have not been encouraging, and we do not see an emerging catalyst to push the shares up to our price target in the near term."
Shares of WCI Communities closed at $17.55 yesterday.
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