Shares of Beazer Homes USA BZH are trading up five percent Friday amid an upgrade from Neutral to Buy and a slight price target increase from $22 to $23 from Sterne Agee.
The company's shares have been trending lower since the beginning of July and saw a sharp drop Thursday from an open of $16.99 to a close of $15.35. Following the sell off, the analysts at Sterne Agee believe Beazer's shares are undervalued.
As reasons for the upgrade, the firm cited proactive debt management (expects interest expense to drop from $58.2 million in fiscal 2013 to $20.8 million in fiscal 2016) and a lack of mass discounting in Beazer's markets.
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