D.R. Horton price target raised to $108 from $101 at BTIG

BTIG analyst Carl Reichardt raised the firm’s price target on D.R. Horton to $108 from $101 and keeps a Buy rating on the shares after its Q1 earnings beat. The quarter saw more closings, higher gross margins, lower SG&A/sales and better rental/other income than anticipated, the analyst tells investors in a research note. BTIG further states that while unit orders decreased 38% – wider than the company’s guidance of down 25%-35% – demand activity has shown signs of improvement in January, and the firm believes that the negative change rate in quarterly orders has likely bottomed.