KBH - KB Home Faces Downgrade Amid Increasing Market Competition And Price Cuts; Analyst Slashes Estimates | Benzinga
Wedbush analyst Jay McCanless downgraded KB Home (NYSE: KBH) to Neutral from Outperform and maintained the price target of $55.
The analyst's re-rating reflects a more competitive environment in 4Q23.
McCanless notes the National Association of Homebuilders (NAHB) economist commentary, "In November, 36% of builders reported cutting home prices, up from 32% in the previous two months. This is the highest share of builders cutting prices during this cycle, tying the previous high point set in November 2022."
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Although the analyst reaffirmed KBH's FY23 ...