PulteGroup (PHM) PT Raised to $25 at UBS
Get Alerts PHM Hot Sheet
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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UBS analyst Susan Maklari raised her price target on Buy-rated PulteGroup (NYSE: PHM) to $25.00 (from $22.00) following Q2 results with a continued focus on returns and capital allocation.
Maklari commented, "Pulte's 2Q results support our optimistic outlook on the company. The outperformance was reflective of demand through the spring and efforts to strengthen its operations. Unit closings rose 27% YOY as the conversion rate +540bps YOY to 55%, moving closer to historical levels. (3Q guidance is for an increase 300-600bps YOY.) Further, revenues from options and lot premiums were up 5% to $67,000/home, partially offseting higher construction costs. Looking out, while gross margins will remain under pressure, through a combination of sales growth and plans to reduce overhead, mgmt. is targeting SG&A/revenues of 9% or less in 2017 (vs. 2016 guidance of ~10%)."
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 $21.51 yesterday.
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