Legacy Housing Corp. (LEGH) PT Lowered to $22 at B.Riley on lower 2024 estimates

B.Riley analyst Alex Rygiel lowered the price target on Legacy Housing Corp. (NASDAQ: LEGH) to $22.00 (from $24.00) while maintaining a Neutral rating.

The analyst commented: "On March 18, Legacy Housing hosted a conference call to discuss its 4Q and 2023 results that were below our expectations, given a larger-than-expected seasonal impact in the quarter and the continuation of overall softness in the manufacturing housing industry. Following positive commentary in November during its 3Q23 results call and expectations to increase production based on what seemed to be improving demand, the environment for manufactured homes in LEGH's markets has become less certain. Management expects to maintain its current production levels and build a backlog of homes in preparation for future sales. The company continues to focus on hiring salespeople, senior-level managers, and teams to focus on land development and workforce housing to accelerate various growth opportunities. The company's loan portfolios continue to grow and generate strong interest revenue, driving higher overall margins. We are lowering our estimates for 2024, lowering our price target from $24 to $22, and reiterating our Neutral rating."

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