BTIG raised the firm’s price target on PulteGroup to $139 from $133 and keeps a Buy rating on the shares after its Q2 earnings beat that was driven by “higher gross margin, deliveries, average selling prices, along with lower SG&A to sales relative to the firm’s estimates”. Move-up demand seems more resilient than entry level for PulteGroup, though the sequential decline in incentives also suggests PulteGroup is “not chasing volume”, the analyst tells investors in a research note.
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Read More on PHM:
- PulteGroup reports Q2 net new orders totaled 7,649 homes with value of $4.4B
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- PulteGroup price target raised to $138 from $135 at BofA
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