PulteGroup price target raised to $125 from $110 at Oppenheimer

Oppenheimer raised the firm’s price target on PulteGroup to $125 from $110 and keeps an Outperform rating on the shares. The firm notes shares were down in relation to a 924 bps decline in DHI post reporting FY1Q24 earnings. The culprits for weakness in DHI were more company than industry specific, in Oppenheimer’s view. The firm continues to like how PulteGroup is positioned in the current environment with a balanced buyer mix and sizable backlog. Street expectations for PulteGroup have likely been reset lower, making the stock attractive into earnings next week, it adds.