Century Communities price target raised to $89 from $70 at Wedbush

Wedbush analyst Jay McCanless raised the firm’s price target on Century Communities to $89 from $70 and keeps an Outperform rating on the shares. As existing home competition remains at depressed levels, the firm believes builders focused on affordably priced homes like Century should benefit. Century shares currently trade at a 10% discount to Wedbush’s FY24 tangible book value forecast of $80.67/share. The firm views that discount as unwarranted because of Century’s product offering, and because Century has no debt maturities until April 2026 when the credit facility matures.