FBR Capital maintained an Outperform rating on TRI Pointe Homes (NYSE: TPH), and cut the price target to $13.00 (from $18.00), following the company's 4Q earnings report. TPH reported EPS of $0.52, which beat consensus expectations of $0.46. Homebuilding revenues improved 36% to $847.4 million, driven by a 5% increase in the company's ASP as well as a 30% increase in new home deliveries. The company's 2016 guidance on closings and ASPs came in below consensus expectations of 4,535 and $575,000, respectively.

Analyst Patrick Kealey commented, "We reiterate our Outperform rating and are lowering our price target to $13 from $18 following the TRI Pointe Homes 4Q15 earnings release. The company reported another solid quarter driven by better-than-anticipated closings and SG&A leverage and remains well positioned for long-term return improvement. While we are reducing our estimates for 2016 to account for more moderate closing expectations, we think valuation still remains compelling at these levels compared to larger-cap peers, and TPH continues as one of our favorite names in the homebuilding sector given its multiple earnings levers."

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Shares of TRI Pointe Homes closed at $10.26 yesterday.