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Fly News Breaks for January 28, 2020
DHI
Jan 28, 2020 | 08:23 EDT
RBC Capital analyst Michael Dahl raised his price target on D.R. Horton to $55 after its "strong" Q1 beat and slight guidance raise, saying he expects continued market strength into the spring selling season. The analyst adds that the company's position in entry-level and local scale markets will remain tailwinds and may also push price higher given that "affordable" housing supply remains tight. Dahl still keeps his Underperform rating on the stock however, reflecting the 5% decline in its inventory and slowing backlog growth, which may limit further market outgrowth "until community growth inflects."
News For DHI From the Last 2 Days
DHI
Jun 26, 2022 | 20:11 EDT
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Spirit Airlines (SAVE) announced that leading independent proxy advisory company Institutional Shareholder Services recommends Spirit stockholders vote FOR the merger agreement with Frontier Group (ULCC), parent company of Frontier Airlines. This recommendation follows a June 3 report from Glass, Lewis & Co., another leading independent proxy advisory company, also recommending that stockholders vote FOR the proposed merger. 2. Reliance Industries is in talks with several global banks to raise as much as $8 billion for its planned leveraged buyout of Walgreens Boots Alliance's (WBA) international arm, Mint's Anirudh Laskar reported. A consortium of Apollo Global (APO) and Reliance made a binding offer for Boots earlier this month that valued Boots at more than $6.1 billion. 3. The issue with Lucid (LCID) is not direct competition; the issue is valuation, Al Root wrote in this week's edition of Barron's. Lucid, with a value of about $29 billion, is priced at more than eight times 2023 sales of $3.5 billion. That's not just expensive relative to Polestar (PSNY) but also to XPeng (XPEV), NIO (NIO), Li Auto (LI), and Rivian Automotive (RIVN)-all EV companies with sales, but no free cash flow yet, that trade for around 2.6 times 2023 sales. The fundamental risk for Lucid-which sold roughly 500 cars in the past two quarters and is expected to sell about 13,000 in 2022-is that volumes will flatten out or decline as the upper end of the EV market gets saturated. That would be very bad news for Lucid's multiple, the author contended. 4. Warner Bros. (WBD) "Elvis" and Paramount's (PARA) "Top Gun: Maverick" tied for the top spot at the domestic box office this weekend with an estimated $30.5M. The winner won't be declared until Monday when final grosses are tallied. "Top Gun: Maverick" enjoyed a boost in its fifth outing as it was rereleased in select Imax and premium large-format screens. Overseas, the movie earned another $44.5M as it joined the billion-dollar club at the global box office. Meanwhile, "Elvis" opened ahead of expectations, earning an A- CinemaScore and a 94% score on Rotten Tomatoes. 5. Starbucks (SBUX), General Motors (GM), Cadre Holdings (CDRE), D.R. Horton (DHI), Lennar (LEN), Toll Brothers (TOL), Cleveland-Cliffs (CLF), Nucor (NUE), Stelco Holdings (STZHF), Steel Dynamics (STLD) and U.S. Steel (X) saw positive mentions in this week's edition of Barron's, while Carvana (CVNA) was mentioned cautiously.