Wedbush lowered the firm’s price target on Landsea Homes (LSEA) to $15 from $16 and keeps an Outperform rating on the shares. The firm believes Landsea’s over 20% stock price decline on February 27 was an overreaction to a shift in the company’s business strategy. Landsea’s decision to shift from a spec heavy model to a 50/50 split between spec/to be built homes was the main reason for the Q1 2025 and FY25 guidance that was below Wedbush’s estimate and the Refinitiv consensus estimate.
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