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UPDATE: Bank Of America Downgrades Standard Pacific Corp.

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Courtesy of Benzinga.

Related SPF
Benzinga's Top Downgrades
Bank of America Downgrades Standard Pacific To Neutral

In a note released Monday, Bank of America analyst Michael Roxland downgraded shares of Standard Pacific Corp. (NYSE: SPF) from Buy to Neutral and lowered the price target from $9 to $8.50.

Roxland commented, "Our thesis on SPF had centered on the company's ability to maintain gross margins at higher levels than it has historically while also experiencing better order growth than peers given its positioning and targeted demographic." He added, "While we still believe the company will post strong gross margins and order growth long-term, in the near-term, SPF is currently experiencing some headwinds".

Looking on the bright side, Roxland noted Standard Pacific has undertaken a number of initiatives that, if successful, could ultimately benefit the company. Included in these initiatives are a share buyback program and a cost take-out.

Latest Ratings for SPF

Date Firm Action From To
Nov 2014 Bank of America Downgrades Buy Neutral
Oct 2014 Compass Point Maintains Buy
Sep 2014 JP Morgan Downgrades Neutral Underweight

View More Analyst Ratings for SPF
View the Latest Analyst Ratings

Posted-In: Bank of America Michael RoxlandAnalyst Color Downgrades Price Target Analyst Ratings

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