Argus analyst Chris Graja raised the firm’s price target on D.R. Horton (DHI) to $135 from $120 and keeps a Buy rating on the shares. A severe shortage of housing will dampen the impact of a jump in mortgage rates that is making it even more expensive for first-time buyers to purchase a home, the analyst tells investors in a research note. The firm further cites the company’s closest competitor Lennar (LEN) reporting earnings that significantly topped consensus for Q2 while noting that D.R. Horton is being helped by lowering prices, offering incentives, and building smaller homes.
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Published first on TheFly
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