Fly News Breaks for August 7, 2019
Aug 7, 2019 | 06:13 EDT
BTIG analyst Carl Reichardt downgraded LGI Homes (LGIH) to Sell from Neutral with a $62 price target. The analyst cites valuation for the downgrade. LGI shares are trading at 2.4 times tangible book value per share, a 60% premium to the homebuilding group excluding NVR (NVR), Reichardt tells investors in a research note. The stock is up 66% for the year and rose 10% Tuesday after a "good" earnings print, but LGI's fiscal 2019 core metric and earnings guidance was reiterated, not increased, despite the quarter, the analyst points out.
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