Citi downgraded PulteGroup to Neutral from Buy with a price target of $113, up from $87. The analyst cites valuation for the downgrade. The company’s see positives are offset by fair valuations, with upside from easing mortgage appearing to be largely priced into the stock, the analyst tells investors in a research note. Further, while PulteGroup has been successfully executing on a shift to spec sales, the company’s build-to-order model is less well positioned to capture volumes in a falling rate environment, says Citi.
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