Goldman Sachs Removes PulteGroup (PHM) from Conviction Buy List
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Price: $130.18 -0.28%
Rating Summary:
21 Buy, 9 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
21 Buy, 9 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Goldman Sachs removed PulteGroup (NYSE: PHM) from its Conviction Buy List and cut its price target from $10 to $6. The firm retained a Buy rating.
The firm said the near term path to outperformance is cloudy, due to: (1) recent stock performance has increased the likelihood of a goodwill impairment (goodwill is $1.10/share), (2) flat housing growth limits operating leverage, and (3) we see limited catalysts before 3Q earnings to elicit a re-rating.
For more ratings news on PulteGroup click here and for the rating history of PulteGroup click here.
Shares of PulteGroup closed at $4.38 yesterday.
The firm said the near term path to outperformance is cloudy, due to: (1) recent stock performance has increased the likelihood of a goodwill impairment (goodwill is $1.10/share), (2) flat housing growth limits operating leverage, and (3) we see limited catalysts before 3Q earnings to elicit a re-rating.
For more ratings news on PulteGroup click here and for the rating history of PulteGroup click here.
Shares of PulteGroup closed at $4.38 yesterday.
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