Citi Initiates Coverage on Pulte Homes (PHM) with a Buy - Stronger Liquidity Will Lead to Higher Stock Price
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Citi initiates coverage on Pulte Homes (NYSE: PHM) with a Buy. Price target $16.
Citi analyst says, "We rate PHM Buy/High Risk. Although the company's current near-term liquidity position is adequate in our opinion, management has stated that in intends to bolster that position materially by YE08. Based on management's track record we expect them to deliver. We think that near-term liquidity is a key driver of valuations in the homebuilding sector. As PHM's liquidity position improves even further, we expect investors to award it a higher multiple which should lead to price appreciation."
Pulte Homes, Inc. is a holding company that, through its subsidiaries, is engaged in the homebuilding and financial services businesses.
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