KB Homes Earnings Boosted By Core Homebuiding

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  • #18322
    ThePitBoss
    Participant

    KB Homes reported better than expected Q3 earnings…

    [article]1085[/article]

    #18329
    ThePitBoss
    Participant

    KB Home $KBH was raised to Market Outperform from Market Perform at JMP Securities
    Wedbush Securities maintained a Neutral rating on KB Home $KBH but raised its target to $26 from $25.

    #18332
    TradersCom
    Keymaster

    Interesting the morning after:

    US August new home sales 629K vs 630K, Prior 627K (revised down to 608K)

    Note the revised July print is lowest since Aug 2017
    Sales +3.5%
    Supply at 6.1 (6.0 is what is considered balanced)
    Median sale price $320,200, up 1.9% y/y

    #18357
    TradersCom
    Keymaster

    The trend is not good with Powell saying more hikes to come also:

    US August pending home sales -1.8% vs -0.5% expected
    Prior -0.7% (revised to -0.8%)
    Sales -2.5% y/y vs -1.0% expected was the biggest drop in 7 months
    Prior sales -0.5% y/y (revised to -0.7%)

    #18605
    ThePitBoss
    Participant

    Lennar Corp. $ LEN downgraded to Neutral and target price was cut to $45 from $55 at Credit Suisse.

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