Raymond James analyst Buck Horne upgraded M.D.C. Holdings to Strong Buy from Outperform and raised his price target for the shares to $49 from $42. The analyst says the company's released preliminary Q3 net order activity through July and August that is tracking "dramatically ahead" of his prior expectations. Net order growth through August is up 63% year-over-year, well ahead of Horne's 36% estimate. Further, the analyst points out M.D.C. faces an even easier year-over-year in September. He believes the company will continue to benefit from its "distinctively re-designed affordable homes," along with "increasingly favorable market conditions across its core footprint."