UPDATE: MKM Partners Downgrades PulteGroup (PHM) to Neutral; Concerned About Lagging Valuation

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July 13, 2012 7:49 AM EDT
Get Alerts PHM Hot Sheet
Price: $130.18 -0.28%

Rating Summary:
    21 Buy, 9 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 14 | New: 11
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(Updated - July 13, 2012 10:43 AM EDT)

MKM Partners downgraded PulteGroup (NYSE: PHM) from Buy to Neutral. PT raised $1 to $12.

Analyst, Megan McGrath, said, "While we believe that PHM’s shares will also benefit from multiple expansion in the short term if home sales trends continue to improve, a significant portion of the company’s valuation, even after discounting, comes from the deferred tax asset. Until the company is able to provide more detail on the timing and magnitude of the DTA recapture, we are concerned that its valuation could lag."

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 $10.84 yesterday.

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