PulteGroup price target lowered to $81 from $90 at RBC Capital

RBC Capital lowered the firm’s price target on PulteGroup to $81 from $90 and keeps a Sector Perform rating on the shares. The company’s “modest” Q3 earnings beat was more than offset by weaker outlook for Q4 orders, closings, and margins, the analyst tells investors in a research note. PulteGroup looks relatively well positioned given its balanced mix, capital return, healthy balance sheet, and strong land bank supporting top-tier ROTE, but RBC remains at neutral given its more cautious views on the group, the firm added.