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.
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Read More on PHM:
- PulteGroup reports debt-to-capital ratio reduced to 16.5%
- PulteGroup reports Q3 new orders up 43% to 7,065 homes with value of $3.8B
- PulteGroup reports Q3 EPS $2.90, consensus $2.84
- Pultegroup (PHM) Q3 Earnings Cheat Sheet
- PulteGroup initiated with an Overweight at Wells Fargo
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