Wedbush initiated coverage of Hovnanian (HOV) with a Neutral rating and $155 price target At current levels, the firm believes the shares reflect the improved balance sheet with net debt to cap declining from 146% in 2019 to 49% by 2024 and GAAP net income moving from (42M) in FY19 to a positive $231M inFY24. However, with the shares trading at 1.6-times book value versus the group at 1.4-times and with a 49% net debt/cap ratio versus the group at 22%, Wedbush anticipates Hovnanian’s stock price fairly reflects these catalysts.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on HOV:
- Trump Weekly: BofA says Trump policies ‘bullish’ for bank stocks
- Hovnanian Enterprises Reports Strong Fiscal 2024 Growth
- Hovnanian reports Q4 EPS $12.79 vs. $13.05 last year
- Hovnanian sees Q1 revenue $650M-$750M
- Trump Trade: Meta Platforms seeking ‘active role’ in Trump’s policies
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue