Wedbush initiated coverage of Hovnanian (HOV) with a Neutral rating and $155 price target At current levels, the firm believes the shares reflect the improved balance sheet with net debt to cap declining from 146% in 2019 to 49% by 2024 and GAAP net income moving from (42M) in FY19 to a positive $231M inFY24. However, with the shares trading at 1.6-times book value versus the group at 1.4-times and with a 49% net debt/cap ratio versus the group at 22%, Wedbush anticipates Hovnanian’s stock price fairly reflects these catalysts.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on HOV:
- Trump Weekly: BofA says Trump policies ‘bullish’ for bank stocks
- Hovnanian Enterprises Reports Strong Fiscal 2024 Growth
- Hovnanian reports Q4 EPS $12.79 vs. $13.05 last year
- Hovnanian sees Q1 revenue $650M-$750M
- Trump Trade: Meta Platforms seeking ‘active role’ in Trump’s policies
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
