UPDATE: BofA Securities Downgrades KB Home (KBH) to Neutral

BofA Securities analyst Rafe Jadrosich downgraded KB Home (NYSE: KBH) from Buy to Neutral with a price target of $34.00.

The analyst comments "Downgrade to Neutral (from Buy) and maintain our $34 price objective. KBH has the highest exposure out of our builders coverage to markets where demand appears to slowing at the fastest pace (estimate 46% of deliveries in West). KBH is also 100% BTO, which we believe is underperforming spec. KBH shares have also rebounded from the June lows and there is less upside to our price objective."

For an analyst ratings summary and ratings history on KB Home click here. For more ratings news on KB Home click here.

Shares of KB Home closed at $30.26 yesterday.

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