UPDATE: Compass Point Raises PT to $21 on Pulte Homes on Strong Earnings Fundamentals
Compass Point reiterated its Buy rating on Pulte Homes (NYSE: PHM) and increased its price target from $19 to $21.
Compass Point commented, "After a full model update we remain positive on earnings fundamentals, and see material upside in shares of PHM despite what is a fairly valued sector overall. The company is still subject to mortgage repurchase requests, however we believe that potential future reserve increases will be minimal on a present value basis based on management's recent guidance and our own past research. PHM's share price is up 3% since the announcement of QE3, a time when most builders and the overall market have traded down, and believe another 23.2% upside is achievable in the intermediate term (ignoring near-term Fiscal Cliff concerns)."
Pulte Homes closed at $17.00 on Wednesday.
Latest Ratings for PHM
|Sep 2016||Wedbush||Initiates Coverage on||Underperform|
|Jul 2016||Deutsche Bank||Upgrades||Hold||Buy|
|Jul 2016||JP Morgan||Upgrades||Neutral||Overweight|
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