D.R. Horton Inc., a Fort Worth, Texas-based homebuilder, rose to the highest level in two months on reports showing an improving housing market.
D.R. Horton rose 42 cents, or 2 percent, to $21.15 in New York, the highest closing price since Nov. 7. The shares have gained 65 percent in the past year.
The number of “improving” housing markets rose for the fifth straight month in January to 242, according to the National Association of Home Builders/First American Improving Markets Index released Jan. 7.
The company is scheduled to announce earnings for the first quarter of 2013 before the market opens on Jan. 29. Earnings are expected to be 15 cents a share in the first quarter and 17 cents in the second, based on the median analyst estimate.
The average analyst 12-month target price forecast for D.R. Horton is $21.62. The company has nine buy ratings from analysts, 14 holds and two sells.