UPDATE - UBS Downgraded PulteGroup (PHM) to Neutral; Improvements Now Priced In
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Price: $105.43 -0.5%
Rating Summary:
20 Buy, 11 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Rating Summary:
20 Buy, 11 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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UPDATE - UBS downgraded PulteGroup (NYSE: PHM) from Buy to Neutral, price target raised from $8 to $9.
UBS analyst said, "Since the end of Sept, PHM has risen 129%, well ahead of the group average of 64% and the S&P 500 up 19% over the same time. In turn, the stock now trades at 1.5x current book value. Although the company continues to make strides in its efforts to narrow peer relative underperformance, we believe upside is limited from current levels. In turn, we are reducing our rating to Neutral."
"Although we’ve been impressed with the progress Pulte has achieved of late, we’re adjusting our ‘12E EPS to $0.15 from $0.25 based on our expectation for the broader housing market." (FY13 cut from $0.60 to $0.50)
UBS analyst said, "Since the end of Sept, PHM has risen 129%, well ahead of the group average of 64% and the S&P 500 up 19% over the same time. In turn, the stock now trades at 1.5x current book value. Although the company continues to make strides in its efforts to narrow peer relative underperformance, we believe upside is limited from current levels. In turn, we are reducing our rating to Neutral."
"Although we’ve been impressed with the progress Pulte has achieved of late, we’re adjusting our ‘12E EPS to $0.15 from $0.25 based on our expectation for the broader housing market." (FY13 cut from $0.60 to $0.50)
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