Pali Research Starts KB Home (KBH) at Buy
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Pali Research initiates coverage on KB Home (NYSE: KBH) with a Buy rating and $22 price target, citing valuation.
The firm said, "Despite the dismal housing environment, we believe KBH stands out in a dysfunctional crowd. KBH stands out thanks to its ability to recognize old strategies were not workable in this environment, then actually executing aggressively to change its ways. Overpriced inventory was jettisoned while significant cash generation occurred. To us, this ability to do more than "talk the talk" is the differentiating factor that investors are missing. Throw in a valuation at, or below, its peers and we believe investors have a winning combination. If an investor is going to put money to work in this space, we believe KBH is a critical name that must be owned. While this non-consensus call has its risks in this environment, we like the tradeoff."
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