PulteGroup upgraded to Overweight from Equal Weight at Barclays

Barclays analyst Matthew Bouley upgraded PulteGroup to Overweight from Equal Weight with a price target of $58, up from $45. The analyst has turned positive on the homebuilder subsector, saying valuations are already priced for a sharp housing recession. He’s now relatively more positive builders versus building products. Bouley sees a "once-in-a-cycle opportunity" to own the early-cycle outperformance phase of homebuilder stocks. The "time is now" for builders, and it is "too early" for building products, Bouley tells investors in a research note.