PulteGroup price target raised to $143 from $138 at Oppenheimer

Oppenheimer analyst Tyler Batory raised the firm’s price target on PulteGroup to $143 from $138 and keeps an Outperform rating on the shares following quarterly results. Gross margin performance was a positive highlight, and the firm revised its FY24 estimate higher by 80 bps to 29.2%. The company also bumped up its FY24 closings guide to about 8% year-over-year growth, near the high end of its long-term goal of 5% to 10% annually. PulteGroup is likely taking share from other builders and benefiting from a balanced buyer mix and strong land book, in Oppenheimer’s view.