金吾财讯 | 巴克莱发研报指，“尽管KB Home(KBH)业绩在利润率和平均售价(ASP)方面低于市场共识预期，但该行认为这份报告实际上并没有投资者所担忧的那般糟糕。因为订单数量超出了市场共识，而且对毛利率的下调幅度也不算严重。”
不过，该行同时指出，必须提醒投资者，市场的疲软态势在建筑商的业绩表现中显现需要一定时间。尽管短期内，比如明天可能会看到股价出现初步反弹，但预计这种反弹只是短暂的。原因在于市场正在消化2025年可能面临的进一步风险。该行表示，虽然KB Home在可负担价格区间的市场定位备受认可，但该行担心其第一季度的订单指引可能过于乐观。此外，本财年的毛利率指引似乎面临着更高激励水平和(或)成本涨幅超过微弱定价能力的风险。最终，收益及股本回报率(ROE)的下降或许会使KB Home股票回归到账面价值的合理轨道。巴克莱将公司目标价从85美元下调至60美元，予持平评级。
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