Shares of D.R. Horton and KB Home fell Monday after JPMorgan downgraded the home builders, citing concerns over rising mortgage rates.
Shares of D.R. Horton Inc. and KB Home fell Monday after JPMorgan analyst Michael Rehaut backed away from his bullish ratings on the home builders, citing concerns that the recent rise in mortgage rates will hurt demand for housing.
For KB Home KBH , Rehaut went as far as swinging to bearish, saying the stock’s recent outperformance has made it expensive relative to its smaller-capitalization peers. D.R. Horton’s stock DHI fell as much as 1.5% intraday before bouncing to be down 0.4% in morning trading, as the Texas-based builder, with a $31.7 billion market cap, was downgraded to neutral from overweight. Rehaut cut his stock-price target to $102.50 from $107.
In comparison, the S&P 500 SPX has tacked on 3.3% in the past three months but slipped 5.8% over the past year.
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