NEW YORK (TheStreet) -- Shares of D.R Horton Inc. (DHI) are higher by 3.70% to $22.40 in mid-morning trading on Wednesday, as homebuilding stocks rise as U.S. homebuilder confidence spiked to its highest levels in almost nine years, Bloomberg Businessweek reports.
For September, homebuilder confidence rose to 59 points, from 55 points for August, on the National Association of Home Builders/Wells Fargo (WFC) builder sentiment index.
Index readings over 50 points indicate a majority of builders view sales conditions as good. September's reading is the highest homebuilder confidence has been since it reached 61 points in November 2005, Businessweek added.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Other homebuilder stocks rising today include: M.D.C. Holdings Inc. (MDC) , up 2.95% to $28.28, The Ryland Group Inc. (RYL) , higher by 3.97% to $38.48, and Hovnanian Enterprises Inc. (HOV) up by 4.81% to $4.14.
Separately, TheStreet Ratings team rates D R HORTON INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate D R HORTON INC (DHI) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."