Dr Horton: Wedbush downgrades stock
(CercleFinance.com) - Wedbush has downgraded its rating on the Dr Horton stock from "outperform" to "neutral" while maintaining its target price of 75 dollars, considering that at its current level the stock price "fairly reflects our housing industry outlook".
"Our downgrade is strictly valuation based as we anticipate demand for new housing is likely to move higher from current levels," the broker says.
Wedbush points to "record low mortgage rates, a severe lack of existing home inventory, and the heretofore unexpected need for multi-functional housing in the new work/school from home era".
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