Taylor Morrison upgraded to Buy from Neutral at BTIG on valuation

BTIG upgraded Taylor Morrison to Buy from Neutral with a $78 price target after hosting investor meetings with management last week. The firm cites valuation for the upgrade, and says it has increased confidence in the roadmap for how Taylor Morrison gets to its long-term structural goals beyond the next 12 months, the analyst tells investors in a research note. With nearly seven years of land supply, BTIG sees the potential for Taylor Morrison to begin “picking fruit” as moving into 2H25, ramping store count growth and deliveries but flattening new dirt spend, freeing up cash and increasing share repurchase activity moving beyond 2025. Additionally, the firm sees Taylor’s “promising” possible long-term improvements as being nearly completely ignored, and even near-term EPS/return prospects seem overly discounted.