Taylor Morrison price target lowered to $83 from $86 at BTIG

BTIG analyst Carl Reichardt lowered the firm’s price target on Taylor Morrison (TMHC) to $83 from $86 but keeps a Buy rating on the shares. The company’s Q4 earnings beat estimates, with higher delivery volume, lower SG&A/sales and a lower tax rate than modeled seen as the primary drivers of the core beat, but its adjusted gross margin and pricing were in line, the analyst tells investors in a research note. Taylor Morrison is the firm’s Top Pick in the homebuilding space, with the company seen as more insulated from aggressive competition at the entry-level with sales mix skewed to less rate-sensitive customers, BTIG added.