Citi downgraded D.R. Horton to Neutral from Buy with a price target of $156, down from $181. The analyst reduced estimates to reflect softening housing activity this summer. D.R. Horton’s long-term positives from structural housing undersupply, an asset-light model and strong balance sheet are balanced by some softening of housing fundamentals, the analyst tells investors in a research note. Further, Citi sees limited near-term catalysts for the stock until 2025, with September rate cuts at least partially priced in. It finds D.R. Horton’s valuation as fair at current levels.
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