Market Overview

UPDATE: Compass Point Raises PT to $21 on Pulte Homes on Strong Earnings Fundamentals

Related PHM
Homebuilders Reverse Rally On August Construction News
5 Industrial Goods Stocks With The Lowest PEG Ratio
Buying a Home Could Become Easier for Some (Fox Business)

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

DateFirmActionFromTo
Sep 2014JP MorganUpgradesUnderweightNeutral
Jun 2014BarclaysMaintainsUnderweight
Apr 2014CRT CapitalTerminatesFair Value

View More Analyst Ratings for PHM
View the Latest Analyst Ratings

Posted-In: Compass PointAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (PHM)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters