KB Home Analysts Lower Their Forecasts After Downbeat Q1 Results

KB Home (NYSE: KBH) reported Q1 earnings of 52 cents per share, missing the analyst consensus estimate of 58 cents, with revenue of $1.08 billion, below the expected $1.1 billion and down from $1.39 billion year-over-year. Following these results, several analysts adjusted their price targets, with B of A Securities lowering it from $63 to $56, and Wells Fargo from $55 to $50. KB Home shares fell 1.6% to close at $52.12 on Wednesday, and the company forecasts second quarter deliveries between 2,250 to 2,450 homes and full-year revenues of $4.80 billion to $5.50 billion.