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KBW downgrades D.R. Horton after 34% rally

Apr. 22, 2019 7:37 AM ETD.R. Horton, Inc. (DHI) Stock, LEN StockDHI, LENBy: Liz Kiesche, SA News Editor2 Comments
  • D.R. Horton (NYSE:DHI) cut to market perform by KBW analyst Jade Rahmani as the stock's 34% YTD rally brings valuation near KBW's price target.
  • DHI slips 0.5% in premarket trading.
  • Shares trade at higher multiple than peers ans also outperformed the S&P 1500 Homebuilders Index 30% gain and S&P 500's 16% increase YTD.
  • Sees "choppy spring selling season" and notes operating margins may underperform expectations in H2 as mix tilts toward lower-margin entry-level product.
  • KBW recommends Lennar (NYSE:LEN), rated outperform, on relative valuation discount.
  • Analyst ratings.
  • Previously: D.R. Horton, Lennar cut to neutral as gains already posted (April 17)

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