Forestar drops on disappointing results, forecast cut
20/07/2022 15:54
** Shares of residential lot developer Forestar Group Inc
FOR.N down 11.7% at $13.99
** On Tuesday after market close, FOR reported Q3 revenue of
$308.5 mln, missing market estimates of $408.5 mln urn:newsml:reuters.com:*:nBw33F6vCa
** Co also lowered its 2022 revenue forecast to $1.43 bln
from $1.7 bln
** J.P. Morgan cuts PT to $15.50 from $19.50, calling the
results and forecast cut "a modest negative"; maintains
"neutral" rating
** Brokerage says the reduction in this year's outlook will
also result in a more muted forecast for FY23, lowering its
profit estimates for the years
** BTIG, which removes its $24 PT and downgrades the stock to
"neutral" from "buy", says it is considerably uncertain about
co's 2023 earnings
** As of last close, FOR down 37.6% this year
(Reporting by Vansh Agarwal)
((Vansh.Agarwal@thomsonreuters.com;))