Oppenheimer analyst Tyler Batory initiated coverage of D.R. Horton with a Perform rating and no price target. While he thinks the company has "the best balance sheet in the sector, an attractive land book," and strong management, he also thinks the current valuation presents less upside potential than other stocks in the homebuilding sector. He also thinks the company is exposed to potential price reductions and decelerating gross margins, Batory added.
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