UPDATE: J.P. Morgan Maintains D.R. Horton Neutral

J.P. Morgan maintained its D.R. Horton DHI Hold rating in a research report published today. In the report, J.P. Morgan stated, "Net net, we believe these results may represent a slight disappointment for the stock this morning, as not only do we believe 2Q's 19% order growth fell short of buyside expectations of at least 25%, in our view (as we had pointed to solid upside to our estimate), but moreover, while this moderate shortfall is to a good degree offset by the better than expected EPS, 2H gross margins were guided to a range of mid-16% to mid-17%, below 2Q's 17.6% which led 2Q's upside surprise." Shares of D.R. Horton were trading at $14.97 at the time of posting, down 2.67% from Friday's market close.