PulteGroup initiated with an Outperform at Oppenheimer

Oppenheimer analyst Tyler Batory initiated coverage of PulteGroup with an Outperform rating and $64 price target. Batory likes how PulteGroup has a balanced buyer mix, which allows the company to capture strength in different buyer segments and offer attractive returns and risk mitigation, and while he expects gross margin to decline in 2023 year-over-year, sees less downside risk than for other builders, the analyst tells investors in a research note.