PulteGroup price target raised to $92 from $82 at BofA

BofA analyst Rafe Jadrosich raised the firm’s price target on PulteGroup to $92 from $82 and keeps a Buy rating on the shares following the company’s better than expected Q2 earnings and outlook. Demand was better than normal seasonality in Q2, which has continued into July, gross margins and return-on-equity are stabilizing at an elevated level and cycle times are now improving, says the firm, which raised its 2023 EPS estimate by 24% following the report.