UPDATE: Sterne Agee Downgrades Taylor Morrison Home Following F3Q13 Recap

In a report published Wednesday, Sterne Agee analyst Jay McCanless downgraded the rating on Taylor Morrison Home Corp. TMHC from Buy to Neutral, and lowered the price target from $27.00 to $23.00. In the report, Sterne Agee noted, “We are reducing our rating on TMHC to Neutral from Buy, lowering our PT to $23 from $27, and cutting our FY14E/FY15E EPS estimates to $1.53/$1.78 from $1.80/$2.66. FY13E EPS goes to $1.16 from $1.09 on higher-than-expected F3Q13 EPS and TMHC's projections for JV income of $12.0-$14.0 million in F4Q13 versus our $11.0 million estimate.” Taylor Morrison Home Corp. closed on Tuesday at $20.73.