KB Home's Surging Demand Sparks Optimism, Analyst Elevates Forecast Amid Sales And Marketing Boost
Portfolio Pulse from Lekha Gupta
KB Home (NYSE:KBH) exceeded Q1 FY24 estimates with revenue of $1.47 billion and EPS of $1.76, prompting several analysts to raise their price targets. RBC Capital, Wedbush, Wells Fargo, and UBS have all adjusted their forecasts upwards, citing strong demand and improved sales and marketing efforts. KB Home anticipates FY24 housing revenues between $6.5 billion to $6.9 billion, with average selling prices between $480,000 and $490,000. Despite the positive outlook, KBH shares dropped 1.03% to $69.17.
March 21, 2024 | 6:47 pm
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KB Home surpassed Q1 FY24 expectations, leading to raised price targets by analysts. Despite the positive adjustments, KBH shares fell by 1.03% to $69.17.
The positive earnings report and subsequent analyst upgrades typically signal a bullish outlook for a stock. However, the immediate drop in KBH shares suggests market reactions may have been influenced by factors not detailed in the article, such as broader market trends or profit-taking by investors. The short-term impact appears negative despite the strong fundamentals.
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