PulteGroup price target raised to $122 from $108 at BTIG

BTIG raised the firm’s price target on PulteGroup to $122 from $108 and keeps a Buy rating on the shares. The company’s earnings were below BTIG expectations but orders were strong, while closings guide for Q1 and FY24 was better than anticipated, the analyst tells investors in a research note. The firm adds that PulteGroup’s preliminary margin and pricing guide is conservative, effectively assuming no reduction in incentives and modest cost input increases.