Analyst Upgrades Standard Pacific Corp. (SPF)
February 08, 2010 2:24 PM
The shares of home builder Standard Pacific Corp. (NYSE: SPF) were up more than 5% after Monness, Crespi, Hardt & Co. analyst Jeremy Pinchot upgraded the shares from Neutral to Buy.
"High exposure to California and the extension of the home-buying tax credit through April should provide Standard Pacific with some tailwinds this spring," Pinchot wrote.
Pinchot went on to say that "investors should be wary of the summer, though, as all builders could be facing the expiration of the tax credit, tighter FHA lending standards, higher interest rates and a seasonal slowing of demand. Unless these factors are either avoided or offset by significantly improved employment or economic data, the group could well see a material sell-off at some point in the late spring."
