Market Overview

UPDATE: Compass Point Upgrades Hovnanian Enterprises to Neutral on Reduced Risk

Related HOV
S&P 500 Once Again Unable To Hold 2,000
PVH Corp Jumps On Upbeat Earnings; Ciena Corporation Shares Slip

Compass Point upgraded Hovnanian Enterprises (NYSE: HOV) from Sell to Neutral and raised the price target from $3.50 to $5.50.

Compass Point said, "While we remain concerned regarding HOV's footprint and its price points, the company's risk profile has greatly declined over the past few quarters and the potential for sustainable profitability in 2014 exists. However, despite the strength of the housing recovery and HOV's ability to refinance its significant debt maturities, we anticipate that the company will not achieve a positive book value until its DTA is reversed in perhaps 2015-2016. We continue to value HOV's equity purely on the basis of the present value of the DTA using a 15% discount rate and a 2-year earn back period."

Hovnanian Enterprises closed at $5.93 on Monday.

Latest Ratings for HOV

DateFirmActionFromTo
Apr 2014UBSMaintainsBuy
Mar 2014JP MorganMaintainsNeutral
Sep 2013FBN SecuritiesDowngradesSector PerformUnderperform

View More Analyst Ratings for HOV
View the Latest Analyst Ratings

Posted-In: Compass PointAnalyst Color Upgrades Analyst Ratings

 

Related Articles (HOV)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters