Williams Financial Group Downgrades PulteGroup (PHM) to Hold

February 1, 2013 8:07 AM EST
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Price: $18.94 --0%

Rating Summary:
    12 Buy, 10 Hold, 5 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 6 | Down: 10 | New: 6
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Williams Financial Group downgraded PulteGroup (NYSE: PHM) from Buy to Hold with a price target of $23.00 following Q4 results.

The firm comments, "Overall, the quarter was mostly in-line with our expectations. We are however somewhat disappointed with the increase in reserves related to put-backs as we had largely believed most of these issues had already been accounted. Although declining community count and legacy land positions likely constrained some growth opportunities, we are slightly disappointed by the 27% order growth given the numbers we have seen thus far through earnings season and what appears to be a slowing Southwest division."

For an analyst ratings summary and ratings history on PulteGroup click here. For more ratings news on PulteGroup click here.

Shares of PulteGroup closed at $20.74 yesterday.

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