Wedbush Starts PulteGroup (PHM) at Underperform
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Wedbush initiates coverage on PulteGroup (NYSE: PHM) with a Underperform rating and a price target of $16.00.
Analyst Jay McCanless commented, "We are initiating coverage of PulteGroup (PHM) with an UNDRPERFORM rating and a $16 price target. At its current valuation of 1.3x our FY17E book value per share (BVPS) of $15.81, PHM trades above the group average valuation of 1.0x. We believe the shares already reflect any potential benefit from the sweeping changes of the last nine months and do not see a nearterm catalyst for the shares."
Shares of PulteGroup closed at $19.87 yesterday.
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