Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Beazer Homes USA, Inc. (NYSE:BZH) boasts multiple catalysts and favorable trends that continues to support the bullish case for the stock, according to Wedbush.
The Analyst
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Wedbush's Jay McCanless maintains an Outperform rating on Beazer Homes with a $17 price target.
The Thesis
Beazer Homes recently maintained its position that fiscal third quarter will see the trough in gross margins as homes sold in prior quarters and below average margins will close in the quarter, McCanless wrote in a note. The company also expects to see 5% to 10% order growth on 5% to 10% community growth in the quarter.
Management said during its second-quarter conference call it saw a ramp in demand in February and March which carried over into April. However, the analyst said the company didn't offer any commentary on May or June metrics although falling mortgage rates suggests a 7.5% order growth estimate for the third quarter is an "achievable" goal.
Meanwhile, Beazer's land held for future development (LH) in June 2018 was around $319 million, or 19% of inventory. As of the end of the second quarter, LH assets and properties for sale fell 87% to $41 million or 2.5% of inventory. The reactivation of the assets will offer the potential for community growth opportunities in the near term.
Price Action
Shares of Beazer Homes closed Tuesday at $9.87, higher by 1.23%.
Related Links:
'A Clearer Path To Earnings Growth': KB Home's Strong Q2 Triggers Analyst Upgrades
Trade War Fears Trigger Nomura Instinet's Downgrade Of Housing Stocks
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.