UPDATE: Topeka Capital Markets Initiates DR Horton at Hold on Macro Headwinds

Topeka Capital Markets initiated coverage on DR Horton

with a Hold rating and a $18 price target. Topeka Capital Markets noted, "Year-to-date, D.R. Horton's share price is up approximately 50.0% versus an average 110.0% return for the rest of our homebuilder coverage and a 12.1% return for the S&P 500. If the fiscal cliff, QM, and QRM are resolved favorably for housing demand, we believe our concerns about entry-level buyers (approximately 50.0% of DHI's customers) access to mortgage financing would be resolved. At current levels, we believe this positive headline risk is reflected, and we would stay to the side." DR Horton closed at $18.69 on Thursday.