JMP Securities analyst Aaron Hecht raised the firm’s price target on D.R. Horton to $210 from $170 and keeps an Outperform rating on the shares. D.R. Horton’s normalized EPS was above consensus expectations, and the primary drivers of outperformance included 465 more deliveries and margins that were 160 basis points above our expectations, the analyst tells investors in a research note. The only disappointment was on orders, with the firm attributing the miss to foot traffic given where interest rates were during the quarter and consumers not understanding that rate buydowns were in play.
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