Beazer Homes USA (NYSE:BZH) Price Target Raised by Citigroup (NYSE:C)

The price target of Beazer Homes USA (NYSE:BZH) has been raised by Citigroup (NYSE:C) to up to $7 a share today.

Beazer Homes has been lingering for some time because of the need to focus on issues related to their balance sheet. That seems to be under control now, and so Citigroup believes they can now look to start growing the business again instead of operating on the defensive.

With the price target raised, Citigroup still maintains a hold rating on the company.

In their most recent quarterly report, sales and net income rose for Beazer, seeming to confirm the price target being raised for the homebuilder.

Beazer also priced an offering of 12.5 million common shares at $5.81 a share, equal to their closing share price on Tuesday.

The offering will general about $68.5 million, according to Beazer officials.

The capital will be used to either fund debt repurchases or replenish cash already used to fund debt repurchases.