CCS - Century Communities gains after raising outlook Q3 earnings beat
2023-10-26 12:26:23 ET
Century Communities ( NYSE: CCS ) shares rose nearly 6% on Thursday after the company lifted guidance and exceeded analyst expectations for its third quarter profit and revenue.
The company increased the midpoints of its full year 2023 guidance for home deliveries to be in the range of 8,600 to 9,000 homes and home sales revenues to be in the range of $3.2 billion to $3.4 billion.
Revenue for the quarter came at $889.4 million and beat estimates by $89.66 million.
According to a recent Seeking Alpha analysis by Bhagyesh Shah, housing market has witnessed some sequential improvement with total housing starts improving over the past few months driven by single family homes.
However, Shah noted that the optimism and growth seems to be already priced in the stock.
Brokerage Wedbush also lowered price target to $81 from $89 and said that “current mortgage rates are higher than the levels seen in January to August 2023 which may imply higher buydown expenses for the same timeframe in 2024 if rates are static to higher.”
Seeking Alpha and Seeking Alpha’s Quant ratings consider the stock “Hold”, while Wall Street analysts rated it a “Buy” with a score of 3.75.
The company, which has a market valuation of 41.86 billion, has gained 20% so far this year.
More on Century Communities
- Century Communities: Optimistic But Need Caution, Hold
- Green Brick Partners and Century Communities announce joint development project in Austin
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Century Communities gains after raising outlook, Q3 earnings beat