D.R. Horton price target raised to $134 from $122 at UBS

UBS analyst John Lovallo raised the firm’s price target on D.R. Horton to $134 from $122 and keeps a Buy rating on the shares following the Q2 results and outlook. UBS believes a higher valuation multiple is warranted given better than expected housing demand, improving cycle times, stabilizing incentives and D.R. Horton’s consistent execution and share gains, the analyst tells investors in a research note.