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.
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- Wedbush downgrades D.R. Horton to Neutral, lowers price target to $96
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