Raymond James analyst Buck Horne downgraded D.R. Horton (DHI) to Market Perform from Outperform with no price target. Homebuilder "will persevere," as their balance sheets are better prepared for a downturn "than at any other point in the sector’s history," Horne tells investors. However, the "market has now fairly discounted the industry’s best-in-class homebuilder" by bidding up D.R. Horton shares by 32% in Q4. For now, he believes the most attractive risk/reward opportunity in the group lies in moving up the price point curve towards Toll Brothers (TOL), which Horne upgraded to Outperform from Market Perform.
Published first on TheFly
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