RBC Capital analyst Michael Dahl upgraded TRI Pointe to Outperform from Sector Perform with a price target of $17, up from $15. The analyst believes the company will deliver stronger sales volumes and better margins amid improving housing demand, forecasting order growth of 20% in Q3 and 23% in Q4 - up from 14% and 20% previously - while anticipating order growth in 2020 to rise to 5.5%, up from 2% prior. Dahl also sees TRI Pointe as well positioned longer term given its "deep land portfolio and attractive cost basis in land-constrained California markets."

Sees 2024 home average price $660K-$670K Expects 2024 homebuilding gross margin percentage of 22.5%-23.5% and anticipates SG&A expense as a percentage of home sales revenue of 10.5%-11.0%.