PulteGroup price target raised to $129 from $127 at Citi

Citi raised the firm’s price target on PulteGroup to $129 from $127 and keeps a Neutral rating on the shares. The firm updated builder estimates and target prices to reflect updated rate assumptions and late April, early May activity levels. The analyst continues to model low double digit year-over-year growth in single-family housing starts in 2024, but now expects more muted pricing as higher-for-longer rates keep incentives elevated. The group’s valuations seem “fair-to-full,” contends Citi.