D.R. Horton price target lowered to $166 from $173 at Citi

Citi lowered the firm’s price target on D.R. Horton to $166 from $173 and keeps a Buy rating on the shares. The stock sold off on the Q1 margin miss and weaker Q2 guidance, the analyst tells investors in a research note. The firm says investors were caught off-guard by a 100 basis point margin hit from a decline in the value of rate hedging instruments. Citi believes it is too early to discount the potential for stronger spring pricing.