Oppenheimer analyst Tyler Batory raised the firm’s price target on PulteGroup to $94 from $80 and keeps an Outperform rating on the shares, while reiterating the stock as a top pick in the homebuilder sector. The firm highlights several company-specific factors justifying a higher multiple, including ROE premium with peers; superior gross margin outlook; spec strategy; balanced buyer mix; and elevated share repurchase activity. Oppenheimer also sees upside to the consensus 2023 EPS estimate and sees 60c of potential upside to its $9.02 estimate based on higher closing volume and gross margin.
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