PulteGroup upgraded to Outperform with $64 target at Wolfe Research

Wolfe Research analyst Truman Patterson upgraded PulteGroup (PHM) to Outperform from Peer Perform with a $64 price target, implying 15% upside. The firm believes PulteGroup can generate the highest return on assets in the group excluding NVR, Inc. (NVR) in 2023 at nearly 11.0%. Yet the equity still trades at an attractive 30% discount to the group, the analyst tells investors in a research note. The company provides the potential for 8% closings upside to 25,000 units should demand remain healthy, Wolfe adds.