Citi Downgrades Pulte Homes (PHM) to Hold
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Citi downgrades Pulte Homes (NYSE: PHM) from Buy to Hold based on valuation. Price target $16.
Citi analyst says, "Since 8/12/08 PHM is up ~32% versus the homebuilding index and the S&P 500, which are up ~16% and down ~4%, respectively. We think that the fundamentals of the PHM story are unchanged and remain on a positive trajectory. We would look to reload at a more compelling valuation. "
Pulte Homes, Inc. is a holding company that, through its subsidiaries, is engaged in the homebuilding and financial services businesses.
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