Seaport Research upgraded KB Home (KBH) to Neutral from Sell without a price target KB’s Q1 “stable” gross margin guidance was not expected, and distinguished it from peers, the analyst tells investors in a research note. The firm says the company is less burdened by rising existing supply and has backlog visibility, which support the upgrade to Neutral. While “concerning” macro catalysts exist amid higher rates and rising new home supply nationally, KB Home’s regional mix is better positioned than peers, Seaport contends.
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