BTIG lowered the firm’s price target on D.R. Horton to $168 from $169 and keeps a Buy rating on the shares. The company’s Q2 earnings beat was driven by better delivery volume, higher gross margin, lower SG&A abd homebuilding sales, and a lower tax rate than expected, though this was partially offset by lower average selling price, the analyst tells investors in a research note. BTIG adds however that volume strength this quarter probably robbed from the second half of the year due to an unusually large number of homes sold and closed intra-quarter.
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