PulteGroup price target raised to $57 from $47 at Wedbush

Wedbush analyst Jay McCanless raised the firm’s price target on PulteGroup to $57 from $47 and keeps a Neutral rating on the shares. The firm notes PulteGroup’s ful year 2023 closing outlook for about 25k homes is effectively in line with its pre-Q4 forecast, while Q1 2023’s guidance assumes more closings, a higher average price, and a higher gross margin than Wedbush’s prior forecast. With potential lumber cost savings filtering in through 2023, the firm anticipates the 2023 gross margin may exceed its prior forecast as well.