KB Home (NYSE: KBH) shares closed more than 8% higher on Thursday following the company’s Q2 results, with EPS coming in at $2.32, better than the Street estimate of $2.00. Quarterly revenue increased 19% year-over-year to $1.72 billion, above the Street estimate of $1.61 billion.

Wedbush analysts provided their views on the company following the results, noting that the company has rate locked most of the $6.1 billion backlog at Q2/22 (up 43% year-over-year) which should support their full-year estimates.

The analysts lowered their 2023 EPS estimate to $11.99 from $12.24 on 15,700 closings at a $516,000 average price, compared to their prior 16,300 closings and $511,000 average price. Their price target moved to $60 from $73 as a result of their shift to a 2023 valuation from 2022.