UPDATE: Wolfe Research Starts D.R. Horton (DHI) at Outperform
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Wolfe Research initiates coverage on D.R. Horton (NYSE: DHI) with a Outperform rating, PT $94.00.
The analyst comments "We believe DHI’s deep local market share penetration across its geographic footprint, favorable national product pricing contracts given its scale, even-flow Spec-heavy production model, attractive financing costs and elevated absorptions give the company a cost advantage relative to peers. Given this cost advantage, we find few builders (outside of LGIH) in the field that are well equipped to challenge DHI in the Shelter Entry-Level consumer segment, which we view as a relative sweet spot over the next 2-3 years given favorable demographics. With strong positioning versus peers regarding product, land and labor, we forecast DHI will remain the most profitable builder in the group moving forward."
Shares of D.R. Horton closed at $80.69 yesterday.
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