PulteGroup price target raised to $83 from $68 at BTIG

BTIG raised the firm’s price target on PulteGroup to $83 from $68 and keeps a Buy rating on the shares after its Q1 earnings beat. The company’s higher unit deliveries and gross margin, plus a lower SG&A per sales rate and tax rate drove the beat, more than offsetting lower selling prices and financial services segment income than modeled, the analyst tells investors in a research note. Based on PulteGroup’s conservative balance sheet, balanced product mix and scale advantages over many smaller peers, shares look underappreciated at current valuation, BTIG added.