UPDATE: Goldman Sachs Lowers KB Home's PT

According to a research report published earlier today, Goldman Sachs has lowered KB Home's

PT from $13 to $12 following disappointing results. Goldman Sachs said in the report, “As pointed out by management, orders were weak, indicative of the intraquarter change of preferred mortgage lender and geographical shift. Hence, we would not extrapolate the weakness across the entire group. Numerous builders have called out strong trends over KBH's reporting period, which lowers our concern about a renewed housing slowdown.” Goldman Sachs maintains its Neutral rating on KB Home, which closed Friday at $10.29.