Soleil Previews KB Home (KBH) Q2 Earnings
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This morning, Soleil Securities Group is out with a research note previewing KB Home's (NYSE: KBH) Q2 earnings, expected out Friday, June 27. The firm maintains its Hold rating and $24 price target on KB.
The firm sees a Q2 loss of $0.94 on revenues of $658 million, versus the Street estimate of ($0.94) on revs of $691.29 million. Soleil says KB's earnings results should reflect "continued deteriorating conditions". The firm said it is modeling a 1% decline in prices and an 11.2% decline in closings compared to Q1.
Soleil expects KB to report an additional $100 million of impairments, implying a total impairment of $2.2 billion in assets from the market peak.
The firm believes KB is "well positioned to weather the downturn due to a strong balance sheet and solid capital position."
KB Home constructs and sells homes in the United States.
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