RBC Capital upgraded TRI Pointe to Outperform from Sector Perform with an unchanged price target of $38. The analyst says an improved pricing outlook could translate to gross margin and earnings upside as 2024 progresses. TPi saw strong like-for-like base pricing trends and slightly better spec pricing to start the year in RBC’s data, the analyst tells investors in a research note. The firm adds the company also saw a “healthy breadth” of price increases with month-over-month increases on 44% of base floor plans versus the group’s 32%.
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