In this article, we discuss the 5 stocks receiving price-target cut from analysts. If you want to see more such stocks on the list, go directly to Wall Street Analysts Just Trimmed Price Targets for These 10 Stocks.
05. Legacy Housing Corporation (NASDAQ:LEGH)
Price Reaction after the Price Target Cut: -0.03 (-0.14%)
On March 19, Wedbush, a prominent financial analysis firm, adjusted its assessment of Legacy Housing Corporation (NASDAQ:LEGH), a key player in the housing industry. Despite reducing the price objective from $31.00 to $25.00, the market response was relatively stable, with the stock price experiencing a minor decrease of 0.14% to $21.23 on the closing bell of the same day. Wedbush maintained an “Outperform” rating for the company. The decision to lower the price objective was based on a thorough evaluation of Legacy Housing Corporation (NASDAQ:LEGH) performance and the prevailing market conditions. While the revised target reflects a more conservative outlook, Wedbush remains optimistic about Legacy Housing’s long-term potential. Legacy Housing Corporation (NASDAQ:LEGH) position within the housing industry, coupled with its innovative products and strategic initiatives, are key factors supporting Wedbush’s continued confidence in the company’s growth trajectory. Despite the adjustment in the price objective, Legacy Housing Corporation (NASDAQ:LEGH) ability to adapt to changing market dynamics and capitalize on emerging opportunities remains a cornerstone of Wedbush’s positive assessment. The marginal decline in the stock price following the price target cut suggests a muted market reaction, indicating that investors may share Wedbush’s confidence in Legacy Housing Corporation (NASDAQ:LEGH) ability to deliver long-term shareholder value.
River Oak Capital stated the following regarding Legacy Housing Corporation (NASDAQ:LEGH) in its fourth quarter 2023 investor letter:
“Legacy Housing Corporation (NASDAQ:LEGH) builds and finances manufactured homes. It is our tenth largest position in the fund and now has a market cap of $580m.
In October, I went to the Legacy Housing Home Show where the company displayed its new manufactured home styles to dealers. Afterwards I was able to attend the annual dinner where I spent time with the two co-founders Curt Hodgson and Kenny Shipley as well as CEO Duncan Bates and some of their new team members.
Since being hired as CEO less than two years ago, Duncan has made amazing progress. He has done a fantastic job at professionalizing the business, improving investor relations, and continuing to hire top tier talent.…”(Click here to read the full text)
