D.R. Horton price target lowered to $174 from $178 at BTIG

BTIG lowered the firm’s price target on D.R. Horton to $174 from $178 but keeps a Buy rating on the shares as part of a broader research note previewing 2024 in Homebuilding space. The firm is anticipating an 8% increase in 2024 EPS for homebuilders on average, with less interest rate, demand, pricing and margin volatility than in 2023, though it also does not expect a repeat of 2023’s share price performance when an “average builder” rose 80% year-to-date. BTIG adds that margins will stay steadier than the Street believes as sales incentive activity wanes and cycle times normalize.