KB Home price target lowered to $78 from $82 at Evercore ISI

Evercore ISI lowered the firm’s price target on KB Home to $78 from $82 and keeps an Outperform rating on the shares after the company reported fiscal Q1 adjusted diluted EPS of $1.77, topping the firm’s and the Street’s estimates, and provided updated FY24 guidance with most metrics in-line with the firm’s expectations. KB’s report “largely confirmed the strength of the Spring Selling Season,” says the analyst, who adjusted the firm’s FY24 and FY25 EPS to $8.22 from $8.17 and $8.71 from $9.01, respectively, following the Q1 report.