KB Home price target lowered to $64 from $65 at Evercore ISI

Evercore ISI analyst Stephen Kim lowered the firm’s price target on KB Home to $64 from $65 and keeps an Outperform rating on the shares ahead of Q3 season for homebuilders and housing related companies. Q3 earnings season is “likely to be a downbeat affair,” says the analyst in the group preview. The firm has tempered its outlook for housing starts and resales, and modestly lowered earnings estimates and target prices, to reflect a higher-than-expected rate environment over the next six months, the analyst tells investors.