UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on KB Home on Good EPS Results

In a report published Monday, Deutsche Bank analyst Nishu Sood reiterated a Hold rating on KB Home KBH, and raised the price target from $19.50 to $21.00. In the report, Sood noted, “KB's results featured an EPS beat on better expense leverage, no impairments for the first time since 2Q06 (excluding tax credit period) as well as improving gross margins. KB also raised $333 mm of capital this quarter and spent a little more than that on land ($345mm). The firm expects to continue its heightened land spend, guiding to $1 billion in land spend for 2013. This is a significant increase for KB considering that it spent $1.1 billion over the course of both 2011 and 2012.” KB Home closed on Friday at $22.12.