UPDATE: Williams Financial Group Initiates DR Horton at Buy

Williams Financial Group has published a research report on DR Horton

and has initiated coverage on the company with a $17.50 price target and Buy rating. In the report, Williams Financial Group writes, "We believe the discipline the company has shown in land inventory management will continue to drive margin improvements and allow flexibility as market conditions turn. Impairments for '11 were $45 million, 1.3% of revenue. 5.6 years of land supply based on FY12 estimated deliveries." DR Horton is currently trading up $0.25 from Friday's $15.47 closing price.