KB Home maintaining production in new home market, analyst explains

📆 9/21/2023 1:50 PM
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Despite topping its third-quarter earnings estimates, KB Home (KBH) reported a drop in homes delivered. The homebuilder is raising its full-year outlook in an attempt to push through new home market headwinds. Raymond James Analyst Buck Horne shares why he still has an 'Outperform' rating on KB Home amid elevated mortgage rates and affordability concerns affecting U.S. housing starts. 'We find KB Home now trading through its tangible book value despite consistent profitability, a fantastic balance sheet, and looks like, you know, consistent growth and stable margins going into 2024,' Horne says. 'So, it's already through its historical cyclical lows at these valuation levels.' For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

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stock prices has put them in a danger zone that could trigger so-called "mechanical selling" pressure and accelerate a downside move, according to Nomura strategist Charlie McElligott. U.S. equities tumbled on Thursday, as surging Treasury yields pressured growth stocks a day after the Federal Reserve signaled another rate hike coming this year and stiffened its hawkish stance. On Wednesday, the S&P 500 dropped to 4,401.

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