Compass Points reiterates its Neutral rating and $1 target price on Hovnanian Enterprises HOV as November excels even though quarter continued deterioration trend.
Compass Points comments, "While the company reported yet another quarter of grossly negative results, a further deterioration of book value, and muted closings and order performance for the quarter, we are pleasantly surprised by 31% year-over-year growth in orders for November and believe this could be further evidence that the Oct/Nov homebuilding sentiment prints were not flukes."
HOV closed at 1.34 per share on Friday.
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Posted In: ReiterationIntraday UpdateMarketsAnalyst RatingsCompass Point Research & TradingSmall caps
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