Wedbush raised the firm’s price target on TRI Pointe (TPH) to $44 from $42 and keeps a Neutral rating on the shares. Wedbush believes investors were disappointed that TRI Pointe guided down the FY24 community count to a range of 135-140 from 140-150, with management attributing the change to faster than expected close outs of existing communities in the fiscal year-to-date, the analyst says. This is the second reduction in the community count outlook is as many quarters which may be adding to frustration, Wedbush notes.
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Read More on TPH:
- TRI Pointe price target lowered to $45 from $48 at RBC Capital
- TRI Pointe price target lowered to $53 from $56 at Oppenheimer
- TRI Pointe sees Q4 home deliveries 1,600-1,800
- TRI Pointe sees FY24 home deliveries 6,300-6,500
- TRI Pointe reports Q3 EPS $1.18, consensus $1.06
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