Thursday December 20, 05:05 PM
Hovnanian Enterprises "market underperform," target price reduced
NEW YORK, December 20 (newratings.com) - Analysts at JMP Securities maintain their "market underperform" rating on Hovnanian Enterprises Inc (NYSE: HOV - news)
(ticker: HOV), while reducing their estimates for the company. The target price has been reduced from $8 to $6.
In a research note published this morning, the analysts mention that the company has reported its 4Q losses ahead of the estimates and the consensus. Hovnanian Enterprises' margins contracted from 20.4% last year to 10.9% in 4Q, short of the estimates, the analysts say. Hovnanian Enterprises' margins in the forthcoming quarter are likely to be adversely impacted by the company's Fort Myers, Florida, build-on-your-lot operations, JMP Securities adds. The EPS estimate for FY08 has been reduced from -$3.50 to -$5.00.
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