A Wall Street analyst yesterday downgraded his estimate on 1993 earnings for the Ryland Group Inc., a Columbia-based home builder.
The analyst, Lawrence Horan, who follows the company for Prudential Securities in New York, lowered his earnings estimate for the year to $2 a share, from $2.15, citing what he said were disappointing new-home orders during the company's second quarter, which ended June 30. The company has not yet reported second-quarter earnings.
Mr. Horan still rates Ryland as a "buy," though the company has been removed from the "single best idea" list of stock recommendations at Prudential Securities.
Ryland was taken off the list because the stock had fallen in value recently.
Traded on the New York Stock Exchange, the company closed yesterday down $1.875 a share, at $16.75.