JPMorgan sees the homebuilder falling 9.1% going forward.
KB Home 's valuation is too high given its expected future performance, JPMorgan warned. Analyst Michael Rehaut double-downgraded the homebuilder to underweight from overweight. Rehaut cut his price target by $3.50 to $32.50, which implies the stock will fall 9.1% from Friday's close. The stock's valuation is currently at 12.5 times its 2023 fiscal year earnings per share outlook and 9.5 times its 2024 fiscal year earnings per share outlook, the analyst said.
5 times target multiple previously expected. He said the lowered anticipated multiple better reflects the below-average performance expected. However, he does expect 2023 to bring a more steady interest rate environment that could give investors the optimism needed to underwrite a return to normalized sales pacing and gross margins. Builders could also enter a new business cycle in the next few years, he said.
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