D.R. Horton downgraded to Underperform from Market Perform at Raymond James Raymond James downgraded D.R. Horton to Underperform given exposure to first-time buyers access to mortgage financing and low rankings of communities vs. peers in terms of average school ratings.
D.R. Horton says sales trends 'solid' in July Sees Q4 backlog conversion rate 81%-84%. Sees Q4 home sales gross margin in high 19%-20% range. Sees Q4 homebuilding SG&A 8.7%-8.9% of homebuilding revenues. Says sales trends "solid" in July. Sees Q4 Financial Services operating margin 35%-40%. Sees Q4 tax rate 35%-36%. Sees Q4 average selling price $285,000-$290,000. Comments made on the Q3 earnings conference call. D.R. Horton is down 0.52% to $26.60 in morning trading.