D.R. Horton price target lowered to $181 from $191 at Citi

Citi analyst Anthony Pettinari lowered the firm’s price target on D.R. Horton to $181 from $191 and keeps a Buy rating on the shares. The firm updated builder estimates and target prices to reflect updated rate assumptions and late April, early May activity levels. The analyst continues to model low double digit year-over-year growth in single-family housing starts in 2024, but now expects more muted pricing as higher-for-longer rates keep incentives elevated. The group’s valuations seem “fair-to-full,” contends Citi.