UPDATE: JP Morgan Upgrades PulteGroup to Overweight on Attractive Valuation

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JP Morgan raised its rating on PulteGroup
PHM
from Neutral to Overweight and increased its price target from $11.50 to $15. JP Morgan said, "In concert with our industry sector update report published today, we are upgrading PHM to Overweight from Neutral, as we note that despite the stock's sector leading 92% YTD appreciation versus our universe's average 56% gain, we believe valuation remains attractive given our outlook for book value growth as well as against our normalized earnings analysis. We note that fundamentals have begun to improve, particularly regarding order growth and gross margins, which drives our outlook for solidly positive EPS in 2012 and 2013. However, at the same time, we believe valuation does not fully reflect our 2013 outlook, trading at only 1.0x our 2013-end adjusted book value estimate." PulteGroup closed at $11.71 on Wednesday.
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Posted In: Analyst ColorUpgradesPre-Market OutlookAnalyst RatingsJP Morgan
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