UPDATE: Topeka Capital Markets Initiates KB Home at Hold on Macro Caution
Topeka Capital Markets initiated coverage on KB Home (NYSE: KBH) with a Hold rating and a $17 price target.
Topeka Capital Markets said, "We are initiating coverage with a Hold and a $17 price target. KB Home has outlined a plan to profitability, but we remain concerned that restrictive mortgage financing for entry-level buyers, which we believe accounts for 70% of KBH's business, may delay the timing of that plan. Beyond the potential macroeconomic catalysts, we do not see another pending catalyst for the name, and as a result, we view the shares as fairly valued at current levels."
KB Home closed at $14.17 on Thursday.
Latest Ratings for KBH
|Oct 2014||Buckingham Research||Initiates Coverage on||Buy|
|Oct 2014||Compass Point||Upgrades||Sell||Neutral|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.