'We rate The Ryland Group Underperform with a $15 12-month price target. Ryland has a conservative operating strategy, modest leverage and significant liquidity, but we see risks from continued weak demand and falling home prices. Our $15 price target is based on a 10% premium to our adjusted book value estimate of $13.40.'
Take it or leave it. Credit Suisse is bullish on the macro economy.
Board--The results were just plain terrible--net orders and backlog at all time low--- loss of $.43 when some thought would be close to break even. Real problem is $297 M in backlog is all time low, go figure. They will even do worse 1Q re revenues than the Q just reported, so why would anybody own this stock. TBV still going down and will hit $10 something by June, and should not trade above that level IMHO, but market just wants to buy "recovery"--so probably only down 3-5% tomorrow. We will see soon enough.