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奧本海默公司稱，由於激勵成本上升，D.R. Horton面臨利潤率和銷售雙重壓力。

-- 奧本海默公司週四發布的一份報告稱，由於激勵成本上升和宏觀經濟逆風影響其前景，D.R. Horton (DHI) 可能面臨短期獲利壓力和銷售下滑。 奧本海默在第二財季前下調了預期，理由是預計下半年利潤率將承壓，且2026財年房屋成交量預期下調。報告稱，截至3月底，需求“保持穩定”，這意味著業績可能與公司預期相符。 奧本海默表示，由於「高企的抵押貸款利率」持續推動促銷活動，預計第三季毛利率將環比下降，與華爾街預期的小幅成長背道而馳。報告指出，即使激勵措施保持“平穩”，由於包括“地塊成本上漲”在內的成本壓力持續存在，利潤率也可能下降。 如果公司在需求疲軟和社區成長放緩的情況下優先考慮“利潤率而非速度”，則房屋成交量可能低於預期，儘管較低的庫存水平可能會使D.R. Horton的業績有所改善。報告稱，霍頓公司在管理銷售和維持利潤率方面具有靈活性。 報告還指出，由於其「對利率敏感的客戶群」、有限的買家多樣性以及租賃業務的波動性，霍頓公司的風險回報狀況「吸引力較低」。 奧本海默公司對霍頓公司股票的評級為「與大盤持平」。 第二季業績將於週二公佈。

Price: $144.89, Change: $+0.69, Percent Change: +0.48%

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