This construction company's focus on sales volume could help push the stock higher as consumer affordability remains tight, Goldman Sachs says.
Goldman Sachs thinks a focus on home sale volume will lift D.R. Horton despite higher mortgage rates. The firm upgraded the construction stock to buy from neutral on a Monday note. Goldman did trim its target price to $131 from $132, which still equates to 26.3% upside from Friday's $103.66 close.
" Mortgage rates have been rising sharply this year, as the Federal Reserve tightens monetary policy to fight inflation and the benchmark 10-year Treasury yield climbs to levels not seen in 16 years. Earlier this month, the popular 30-year fixed mortgage rate rise to more than 7.7% , reaching levels not seen since the end of 2000. Higher rates can make it more difficult for homebuyers to afford a home.
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