D.R. Horton price target raised to $160 from $150 at Argus

Argus raised the firm’s price target on D.R. Horton to $160 from $150 and keeps a Buy rating on the shares. The analyst cites the company reporting an 8% growth in its Q1 homebuilding revenue and earnings topping its estimates, despite missing consensus expectations. D.R. Horton has an edge in delivering affordable homes, with about 68% of the homes the company delivered in FY23 selling for less than $400,000, and this is a sign that the company is well positioned to serve the value-conscious buyers who are likely to drive the housing market over the next several years, the firm tells investors in a research note, also boosting its FY24 EPS view on the stock to $13.72 from $12.50.