Citigroup Maintains Neutral, $12 PT on DR Horton

Citigroup reiterates its Neutral rating and $12 price target on D.R. Horton (NYSE: DHI) as it took in the company's 4Q results, seen to be in line or modestly short of expectations.

Citigroup noted, “Net orders were up ~6.6% y/y which was slightly below the consensus estimate of up ~9% and our estimate of up ~14%. Gross margin of ~16.1% was lower than our estimate and the consensus estimate of 16.7% and 16.6%, respectively. Headline EPS of $0.11 was slightly higher than our estimate of $0.09 but lower than the consensus estimate $0.16.”

DHI closed at $11.66 on Thursday.