Shares of several home builders tumbled Tuesday after Citi downgraded Lennar ( LEN ) and D.R. Horton ( DHI ), citing concerns about a housing market it says may stay sluggish for the rest of the year.

Citi cut its ratings on the companies’ shares to Neutral from Buy. It lowered its price target for Lennar to $164 from $174 and for D.R. Horton to $156 from $181. Citi also cut its price targets on Forestar Group ( FOR ), Pultegroup ( PHM ), and Toll Brothers ( TOL ).

The analysts said they saw “softness in the data” potentially continuing in the second half of the year, saying that housing permits, starts, sales, and prices have recently come in below expectations.

They noted that while the expected Fed interest rate cuts could be a catalyst for a second half pickup, “the historical record suggests that stocks don’t always rally into a cutting cycle.”

Though “there is much to like” about Lennar and D.R. Horton, including strong cash flows, the analysts said they see “risk and reward as roughly balanced” for the next six months.

Shares of Lennar and D.R. Horton sank to their lowest levels since December, falling more than 2% in recent trading. Shares of the other three home builders by Citi fell, too.