Goldman Sachs Maintains Neutral Rating on D.R. Horton

A report from Goldman Sachs reiterates its Neutral rating on D.R. Horton

. The report states, “The majority of DR Horton's 4QFY11 results were in line; however, the EPS miss was driven primarily by a 70 bp margin shortfall. One offsetting positive is the minimal 4Q writedowns for a company that has historically taken much larger seasonal impairments. We believe that most builders are at the end of their inventory writedown cycle, absent a major step down in home prices.” DHI closed yesterday at $11.66.