KB Home price target lowered to $57 from $63 at Wells Fargo

Wells Fargo analyst Sam Reid lowered the firm’s price target on KB Home (KBH) to $57 from $63 and keeps an Underweight rating on the shares. The firm expected KB Home to guide down and that’s exactly what happened, with cuts to deliveries, ASP, gross margin and operating margin vs prior. Shares are indicated lower, but Wells is not sure this represents a buying opportunity.