KB Home price target lowered to $80 from $93 at Raymond James

Raymond James lowered the firm’s price target on KB Home (KBH) to $80 from $93 and keeps an Outperform rating on the shares. KB Home offers an “asymmetric” risk/reward despite the recent headwinds from surging mortgage rates, the analyst tells investors in a research note. The market’s recent pessimism for homebuilders has left KB Home’s expectations very achievable, even in a “higher for longer” mortgage rate environment, the firm says.