RBC Capital raised the firm’s price target on PulteGroup to $120 from $113 to reflect its Q2 earnings beat but also keeps a Sector Perform rating on the shares. The management noted better traffic in July after weakness through Q2, though it also also cited incremental price and incentive deterioration in Texas and Florida markets, the analyst tells investors in a research note. Investors are seemingly looking through Q2’s order weakness, but the firm continues to see risk to demand and margins, barring “meaningful” interest rate relief, RBC added.
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