UPDATE: Deutsche Bank Initiates TRI Pointe Homes at Buy on Growth and Margin Process

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Deutsche Bank initiated coverage on TRI Pointe Homes
TPH
with a Buy rating and a $21.00 price target. Deutsche Bank commented, "The two attributes that investors are valuing most highly for builders are gross margin improvement and volume growth. We believe TRI Pointe has strong potential for both. Moreover, TRI Pointe's solid balance sheet gives it the ability to fully invest into the housing recovery. As we have consistently stated since we turned positive on housing heading into 2011, we think builders are modeled best as land funds, with a strong balance sheet leading to better ability to grow. Our target price of $21 yields only 16% return potential reflecting generally optimistic investor sentiment regarding housing." TRI Pointe Homes closed at $18.06 on Friday.
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Posted In: Analyst ColorInitiationAnalyst RatingsDeutsche Bank
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