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Evercore ISI analyst Stephen Kim lowered the price target on KB Home (NYSE: KBH) to $78.00 (from $82.00) while maintaining a Outperform rating.
The analyst comments “KB Home reported 1Q24 (February) adjusted diluted EPS of $1.77, excluding -$1.3mm in land charges, topping our $1.68 estimate and the Street’s $1.57. Overall, gross margins (21.6% vs. 21.0% est.) and orders (+55% y/y vs +50% y/y est.) were better than expected. SG&A missed at 10.8% vs. our 10.0%. The company provided updated FY24 guidance (full guidance can be found in the table below), in which most metrics were in-line with our expectations. Overall, KBH’s print largely confirmed the strength of the Spring Selling Season, with an outlook for operating margin stability in the near term, and rising profitability over the longterm. Moreover, the company’s commitment to both growth and share repurchases highlights its strong financial position and cash flow dynamics.”
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