UPDATE: Guggenheim Downgrades Pulte to Neutral, Maintains $8 Target

Guggenheim lowers its rating on Pulte (NYSE: PHM) to Neutral from Buy as stock approaches within 5% of reiterated $8 target price.

Guggenheim says, "we are raising PHM's FY12E EPS to $0.12 from $0.01 in anticipation of FY12 order growth of 16.4% versus our prior 5.0% estimate. We are also initiating an FY13E EPS of $0.40 for Pulte."

PHM closed at $7.69 per share on Thursday.