Goldman Sachs Reiterates Conviction Buy on PulteGroup (PHM)

Goldman Sachs is out with its report today on PulteGroup

, reiterating Conviction Buy. In a note to clients, Goldman Sachs writes, "We reiterate our Conviction Buy on Pulte as the company continues to deliver on its turn-around plan. For 2011 Pulte previously set out a number of goals including: (1) growth in adjusted gross margins, (2) a $100 mn cut in SG&A expense, (3) significantly lower ancillary and inventory writedowns, and (4) a new CFO. To date Pulte has delivered on each piece of its plans and we expect improving execution as the year progresses." Goldman Sachs has a $10 PT on PHM. Shares of PHM closed Monday at $7.79, down 2.14% from Friday's close.