Money Investor
Long/short equity

Beazer: Back In The Bargain Bin

Almost exactly a year ago today, I laid out a very bullish argument that Beazer (NYSE:BZH) was an undervalued homebuilder whose operational improvements were unappreciated by the market. During the ensuing twelve-month period, the stock had consistently traded above the $16 range when I made the call, making as much as a 50% move higher within six months of my original call. Today, after falling 30% over the last month, the stock is again meandering around the same $16 level where it stood one year ago. Over the course of a year, the company has continued to execute on its plan to return to profitability while taking strategic action to reduce its debt service cost and expand its...

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