Standard Pacific upgraded to "buy"

02/06/08 - Wall Street Strategies

NEW YORK, February 6 (newratings.com) - Analysts at Wall Street Strategies upgrade Standard Pacific Corp (SPF) from "sell" to "buy." The target price has been raised from $1.50 to $6.50.

In a research note published yesterday, the analysts mention that the company has posted its 4Q revenues ahead of the consensus and the estimates. Standard Pacific has indicated that despite the unprecedented housing market conditions, it achieved significant progress in improving its liquidity, generating cash and paying down its debt. The company’s home delivery for the quarter was ahead of the guidance, driven mainly by the sale of homes in California, the analysts say.