Taylor Morrison price target raised to $61 from $55 at Wedbush

Wedbush analyst Jay McCanless raised the firm’s price target on Taylor Morrison to $61 from $55 and keeps a Neutral rating on the shares. The firm notes Q1’s results were generally better than it expected with lower incentives, pricing power, and lower home costs producing a top and bottom line beat versus its estimates. Looking ahead, Taylor Morrison expects product mix to potentially pull the gross margin down sequentially in Q2. The mix issue should correct by the second half of 2024 with Taylor Morrison raising the FY24 guidance for unit closings and gross margin, says Wedbush.