As previously reported, BTIG analyst Ryan Gilbert initiated Forestar Group (FOR) with a Buy rating and a price target of $23, saying that along with its majority shareholder D.R. Horton (DHI), the company's new development model called "lot manufacturing" can "produce higher returns and more consistent growth" than other developers. The analyst believes that Forestar Group can "rapidly expand its model into new markets" and capture share from undercapitalized, fragmented private developers, forecasting the company to grow annual revenue by an average of 122% per year over the next 3 years. Gilbert contends that Forestart Group's growth potential is not priced in.