PulteGroup Rating Reiterated by Zacks (PHM)
Zacks reissued their neutral rating on shares of PulteGroup (NYSE: PHM) in a report released on Tuesday. Zacks currently has a $21.00 target price on the stock.
Zacks’ analyst wrote, “Pulte’s fourth quarter 2012 earnings of $0.34 per share beat the Zacks Consensus Estimate by 9.7% and were significantly better than the prior-year quarter results. Improving housing fundamentals combined with gross margin expansion and solid overhead leverage led to the earnings beat. Pulte’s homebuilding revenues rose 23.4% driven by an increase in both demand and pricing We believe that homebuilders like Pulte, who have significant land positions, broad geographic and product diversity, and better capital positions, are expected take maximum advantage of the housing recovery. Management believes that 2013 will be a better year for the housing industry than 2012. However, the new home demand still remains at historically low levels due to current weak U.S. economic conditions and tight mortgage lending standards. Sustainable increases in housing and housing demand for the long term will require the overall economy to strengthen, which we believe will take time. We thus have a Neutral rating on the stock.”
PulteGroup traded up 3.60% on Tuesday, hitting $20.585. PulteGroup has a 52-week low of $7.63 and a 52-week high of $21.97. The stock’s 50-day moving average is currently $19.92. The company has a market cap of $7.958 billion and a price-to-earnings ratio of 36.80.
Other equities research analysts have also recently issued reports about the stock. Analysts at TheStreet reiterated a buy rating on shares of PulteGroup in a research note to investors on Monday. Separately, analysts at RBC Capital reiterated an outperform rating on shares of PulteGroup in a research note to investors on Friday, March 8th. They now have a $26.00 price target on the stock.
Seven equities research analysts have rated the stock with a buy rating, one has given an overweight rating, eight have assigned a hold rating, one has given an underweight rating, and one has assigned a sell rating to the company. The company presently has a consensus rating of overweight and an average price target of $21.03.
PulteGroup, Inc. (PulteGroup) is a homebuilder in the United States. The Company’s subsidiaries engage primarily in the homebuilding business.
To view Zacks’ full report, visit www.zacks.com
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