JPMorgan Upgrades Standard Pacific (SPF), Downgrades KB Home (KBH), Hovnanian (HOV)

JPMorgan's Michael Rehaut reduced estimates and price targets on a number of stocks in the Homebuilding sector Thursday morning.

The analyst revised ratings on the following:

• upgraded Standard Pacific (NYSE: SPF) from Underweight to Neutral
  
• downgraded KB Home (NYSE: KBH) from Overweight to Neutral, price target reduced from $13.50 to $8
  
• downgraded Hovnanian (NYSE: HOV) from Neutral to Underweight

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