Wells Fargo Upgrades Beazer Homes (BZH) to Market Perform
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Price: $21.57 +0.19%
Rating Summary:
5 Buy, 7 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
5 Buy, 7 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade BZH Now!
Wells Fargo upgraded Beazer Homes (NYSE: BZH) from Underperform to Market Perform with a price target of $2.18 (from $0.93).
Analyst Adam Rudiger said "We are upgrading shares to Market Perform from Underperform to reflect BZH's improved liquidity and because we see shares as fairly valued currently. We continue to believe BZH will struggle to reach profitability and expect book value erosion through CY2013. However, after adding back 37% of BZH's deferred tax asset (our present value est) to our CY end 2013 fully diluted book value/share (share count includes TEUs) suggests adjusted book value per share could trough at $1.73. Applying a 1.2-1.3x multiple translates into a $2.10-2.25, close to current levels. Our 2012E loss per share goes to $1.05 from $1.06 and our 2013E loss per share goes to $0.75 from $1.01. Our valuation range goes to $2.10-2.25 from $0.85-0.95."
For an analyst ratings summary and ratings history on Beazer Homes click here. For more ratings news on Beazer Homes click here.
Shares of Beazer Homes closed at $2.33 yesterday, with a 52 week range of $1.35-$3.98.
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Analyst Adam Rudiger said "We are upgrading shares to Market Perform from Underperform to reflect BZH's improved liquidity and because we see shares as fairly valued currently. We continue to believe BZH will struggle to reach profitability and expect book value erosion through CY2013. However, after adding back 37% of BZH's deferred tax asset (our present value est) to our CY end 2013 fully diluted book value/share (share count includes TEUs) suggests adjusted book value per share could trough at $1.73. Applying a 1.2-1.3x multiple translates into a $2.10-2.25, close to current levels. Our 2012E loss per share goes to $1.05 from $1.06 and our 2013E loss per share goes to $0.75 from $1.01. Our valuation range goes to $2.10-2.25 from $0.85-0.95."
For an analyst ratings summary and ratings history on Beazer Homes click here. For more ratings news on Beazer Homes click here.
Shares of Beazer Homes closed at $2.33 yesterday, with a 52 week range of $1.35-$3.98.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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