UPDATE: Bank of America Initiates Standard Pacific with Buy on Multiple Positive Factors

In a report published Wednesday, Bank of America analyst Michael A. Roxland initiated coverage on

with a Buy rating and $11.00 price target. In the report, Bank of America noted, “We rate SPF a Buy. SPF's focus on move-up and luxury homebuyers and long land position in land constrained markets offer it a competitive advantage. SPF's stronger order growth versus peers, growing end markets, and geographic exposure should allow the company to continue to generate industry leading gross margins. Moreover, margins should expand as the company grows its community count.” Standard Pacific Corp. closed on Tuesday at $8.37.