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Champion Homes price target lowered to $82 from $96 at RBC Capital

RBC Capital lowered the firm’s price target on Champion Homes (SKY) to $82 from $96 and keeps a Sector Perform rating on the shares. The company’s Q4 results disappointed vs. expectations but now reflect broad-based housing weakness and new gross margin realities, the analyst tells investors in a research note. Community demand provides support but it is also margin dilutive, RBC adds, further noting that Champion’s core manufactured housing – MH – demand weakened sequentially due to increased competition in certain markets.

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