B.Riley FBR analyst Alex Rygiel maintained a Hold rating on Taylor Morrison (NYSE: TMHC) today and set a price target of $20. The company’s shares opened today at $16.33, close to its 52-week low of $14.73.
Rygiel wrote:
“On the morning of 10/31, Taylor Morrison Home (TMHC) announced 3Q18 results which were in line to modestly ahead of expectations, including closings and HB gross margin which were at the higher end of guidance. Management also updated its guidance for full year 2018 including the completed acquisition of AV Homes (AVH) on October 2 and taking into account a “pause” in the market. Since the closing of AVH, the company has been repurchasing shares. We are adjusting our estimates and are lowering our price target from $29 to $20. We maintain our Neutral rating given modest organic growth relative to certain other homebuilders and valuation.”
According to TipRanks.com, Rygiel is a 4-star analyst with an average return of 7.6% and a 55.6% success rate. Rygiel covers the Basic Materials sector, focusing on stocks such as Granite Construction Inc, Tutor Perini Corp, and Quanta Services.
The word on The Street in general, suggests a Hold analyst consensus rating for Taylor Morrison with a $19.40 average price target, representing a 18.8% upside. In a report issued on October 22, Deutsche Bank also downgraded the stock to Hold with a $14 price target.
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Based on Taylor Morrison’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $93.57 million. In comparison, last year the company had a net profit of $32.88 million.
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Taylor Morrison Home Corp. engages in the business of residential homebuilding and the development of lifestyle communities. It operates through the following segments: East, Central, West, and Mortgage Operations. The East segment includes operations in Atlanta, Charlotte, Chicago, Orlando, Raleigh, Southwest Florida, and Tampa regions.
