UPDATE: UBS Raises PT to $30 on Ryland Group on Unit Orders Growth
UBS reiterated its Neutral rating on Ryland Group (NYSE: RYL) and increased its price target from $24 to $30.
UBS commented, "Yesterday, Ryland announced unit orders rose 62% YOY for July & August, driven in part by the add'l sales generated from the Timberstone Homes acquisition (closed 7/12). Reflecting our recent channel checks that suggest demand has remained robust in the early part of Sept, we're raising our 3Q operating forecasts. In turn, we're revising our EPS ests.; ‘12E goes to $0.65, up from $0.60; ‘13E goes to $1.50 vs. $1.30. Forward years have also been adjusted."
Ryland Group closed at $30.08 on Tuesday.
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