Wedbush analyst Jay McCanless downgraded Century Communities to Neutral from Outperform and lowered his price target to $24 from $26. In a research note to investors, McCanless says that while the negative y/y order growth in Century's newly acquired unit, Wade Jurney Homes, may prove short-lived as Century adjusts the strategy, he is concerned that demand for the WJ product has not been as robust as he expected especially given WJ's ultra-low price approach. In light of that weakness and the Q4 negative order growth for Century's legacy businesses excluding Texas, he is stepping to the sidelines.

Consensus for FY24 total revenue is $4.06B.