** BofA Global Research lowers price objective on major U.S. homebuilders D.R. Horton DHI.N, Lennar Corp LEN.N and PulteGroup PHM.N

** BofA cuts price objective on DHI's stock to $170 from $190, PHM to $135 from $150 and LEN to $165 from $190

** "We lower our estimates and price objectives on homebuilders to reflect more cautious order and gross margin outlook," BofA says

** Brokerage's more conservative forecast for homebuilders' 2025 gross margins is due to an increase in incentives on entry-level speculative homes and ongoing inflation in land/lot prices

** BofA reiterates "buy" ratings on DHI and PHM, citing expected price growth and robust shareholder returns compared to other homebuilders; maintains "neutral" rating on LEN

** Including session's move, the S&P Composite 1500 Homebuilding Sub Index .SPCOMHOME up ~8%, YTD

(Reporting by Rupali Chaudhary in Bengaluru)

((Rupali.Chaudhary@thomsonreuters.com))