Standard Pacific (SPF) PT Raised, Estimates Adjusted at FBR Capital Posts Q1

FBR Capital adjusted estimates and raised its price target on Outperform-rated Standard Pacific (NYSE: SPF) to $11.00 (from $10.00) following Q1 results.

Analyst Steve Stelmach comments, "While we are adjusting our expectations in the near term, we believe SPF remains one of the best-positioned builders in the space to capitalize on improving housing demand. Builder focus on margins at this point in the cycle should generate higher returns for operators who have the luxury of land, and pricing power should continue to lead to top-line growth, albeit not as pronounced as it was in 2013. We continue to believe the reemergence of the first-time homebuyer (a segment not a typical focus for SPF) will be the next significant milestone for the housing recovery. However, we believe land-long builders such as SPF remain in a strong position at this point in the cycle despite an emphasis on move-up buyers."

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 $8.10 yesterday.

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