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Views on Taylor Morrison, Signature Bank, Zebra Technologies, SM Energy, BB&T

Richard Rescigno

The company announced that it expects to report 2Q orders +20% Y/Y, versus our +10% estimate, deliveries +30%, versus our +14% estimate (and guidance of +12-22%), and gross margin at the high end of its mid-to-high 17% range guidance (versus our 17.6% estimate). SBNY currently trades at only 10.5 times our new 2020 EPS estimate: We regard the shares as very undervalued.