UBS Maintains a 'Buy' on Standard Pacific (SPF); Results Confirm Positive Thesis

UBS maintains a 'Buy' on Standard Pacific (NYSE: SPF) price target raised from $4.50 to $5.00.

UBS analyst says, "As we review 4Q results, we were particularly impressed by Standard Pac’s performance. Specifically: 1) a rising community count is fueling accelerating orders; 2) operating leverage benefits are materializing off higher HB revs; & 3) mgmt remains focused on controlling costs while growing, an area we had concerns about after the recent departure of its CEO. Reflecting these improvements, combined with our expectation for continued outperformance, we’re raising our PT to $5."

"Given current valuations, combined with our expectation for a gradual recovery in housing, we recommend that investors with more optimistic outlooks focus on higher beta names like SPF and Beazer (NYSE: BZH)."

For an analyst ratings summary and ratings history on Standard Pacific click here. For more ratings news on Standard Pacific click here.

Shares of Standard Pacific closed at $4.32 yesterday.

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