Raymond James downgrades D.R. Horton to underperform on margin struggles

Raymond James analysts downgrade D.R. Horton to underperform, citing higher finished lot costs, labor constraints, cautious buyers requiring incentives, and increased competition from resale inventory in the Sun Belt. Net absorption at lowest in nearly a decade; company may miss fiscal 2027 delivery target. Shares fell 4.5% to $146.09.