TRI Pointe price target raised to $44 from $42 at Wedbush

Wedbush raised the firm’s price target on TRI Pointe (TPH) to $44 from $42 and keeps a Neutral rating on the shares. Wedbush believes investors were disappointed that TRI Pointe guided down the FY24 community count to a range of 135-140 from 140-150, with management attributing the change to faster than expected close outs of existing communities in the fiscal year-to-date, the analyst says. This is the second reduction in the community count outlook is as many quarters which may be adding to frustration, Wedbush notes.