Raymond James raised the firm’s price target on PulteGroup to $145 from $135 and keeps an Outperform rating on the shares following the Q2 results. The renewed optimism in PulteGroup and other builders underscores the potential earnings power and pent-up demand that could be unlocked with even slightly better housing affordability, the analyst tells investors in a research note. The firm continues to believe PulteGroup’s de-risked and cyclically resilient model warrants a much higher valuation than its current 9x forward P/E multiple.
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Read More on PHM:
- PulteGroup price target raised to $139 from $133 at BTIG
- PulteGroup price target raised to $150 from $130 at Wells Fargo
- PulteGroup price target raised to $150 from $131 at Barclays
- PulteGroup reports Q2 net new orders totaled 7,649 homes with value of $4.4B
- PulteGroup reports Q2 EPS $3.83, consensus $3.27