Taylor Morrison price target raised to $86 from $78 at BTIG

BTIG raised the firm’s price target on Taylor Morrison (TMHC) to $86 from $78 and keeps a Buy rating on the shares. The company’s Q3 earnings beat was driven by higher gross margins, slightly lower SG&A/sales, lower tax rate, and stronger deliveries, partly offset by lower average selling prices, the analyst tells investors in a research note. Taylor Morrison’s Q4 guidance has deliveries and selling prices a bit lower than previously modeled, but margins are seen higher and tax rate lower, the firm added.