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Wedbush starts ‘consistently profitable’ Legacy Housing at Outperform

As previously reported, Wedbush analyst Jay McCanless initiated coverage of Legacy Housing with an Outperform rating and $30 price target. Legacy, which produces manufactured housing, originates consumer loans on Legacy produced homes, and originates loans to manufactured home communities, provides an affordable housing solution and has been “consistently GAAP profitable since coming public in 2018,” the analyst tells investors. The firm expects this continues for “the foreseeable future” as it anticipates gross margins may trend back towards the high-20% range in FY24 to FY26.

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