KB Home Analysts Boost Their Forecasts After Upbeat Q2 Results

KB Home KBH posted better-than-expected earnings and sales results for its second quarter on Tuesday.

KB Home reported quarterly earnings of $2.15 per share, which beat the analyst consensus estimate of $1.78. Quarterly sales came in at $1.71 billion, which beat the analyst consensus estimate of $1.651 billion, according to data from Benzinga Pro.

KB Home said homes delivered were 3,523, compared to 3,666 year-over-year, and the average selling price increased to $483,000, up from $479,500.

"We produced solid results in our 2024 second quarter, with our key metrics above the high end of our guidance ranges," said Jeffrey Mezger, chairman and CEO of KB Home.

KB Home said it sees fiscal year revenue in a range of $6.7 billion to $6.9 billion, versus the $6.74 billion estimate, and the average selling price in the range of $485,000 to $495,000.

KB Home shares fell 2.1% to close at $68.04 on Tuesday.

These analysts made changes to their price targets on KB Home after the company reported quarterly results.

• Evercore ISI Group raised the price target on KB Home from $78 to $86. Evercore ISI Group analyst Stephen Kim maintained an Outperform rating.
• Keefe, Bruyette & Woods boosted KB Home price target from $74 to $77. Keefe, Bruyette & Woods analyst Jade Rahmani maintained a Market Perform rating.

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