UBS downgraded PulteGroup to Neutral from Buy with a price target of $120, up from $93. Although the remains favorable on the homebuilders in general, it expects PulteGroup margins and returns to normalize more than peers through 2026, which should limit upside to the stock’s current valuation. The analyst also believes consensus margin expectations for PulteGroup are too optimistic in 2024 and are at risk of resetting lower.
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