Smith Douglas Homes price target lowered to $11.50 from $14 at BofA

BofA analyst Rafe Jadrosich lowered the firm’s price target on Smith Douglas Homes (SDHC) to $11.50 from $14 and keeps an Underperform rating on the shares. The firm notes the company reported Q4 earnings of 39c, above estimates. Deliveries fell year-over-year on shorter cycle times, and ASP was in line with expectations. ASP fell year-over-year and was flat quarter-over-quarter due to lower base price and geographic mix shift. Smith Douglas Homes initiated Q1 deliveries guidance of between 575-625 homes closed, in line with BofA’s forecast.