UPDATE: Credit Suisse Initiates WCI Communities with Outperform on Good Upside Potential

In a report published Monday, Credit Suisse analyst Daniel Oppenheim initiated coverage on

with an Outperform rating and $23.00 price target. In the report, Credit Suisse noted, “We are initiating coverage of WCIC at Outperform with a $23 target price, representing 42% upside potential. Our rating is based on (1) our expectation for significantly above average growth, driven by volume growth supported by WCI's land position and community count growth, along with its industry-leading gross margins; and (2) discount valuation.” WCI Communities closed on Friday at $16.24.