D.R. Horton price target raised to $170 from $140 at JMP Securities

JMP Securities analyst Aaron Hecht raised the firm’s price target on D.R. Horton to $170 from $140 and keeps an Outperform rating on the shares. D.R. Horton’s Q1 normalized EPS missed consensus estimates, primarily impacted by a 100bps margin hit stemming from hedging activities for rate buydowns during the quarter as well as higher SG&A, the analyst tells investors in a research note. The firm believes current demand trends will hold moving forward.