UPDATE: Credit Suisse Upgrades PulteGroup to Outperform on Healthy Buyer Traffic

Credit Suisse upgrades its rating on PulteGroup

from Neutral to Outperform and maintains its $11 price target on shares. Credit Suisse comments, "Home prices continue recent move higher; traffic stays above expectations: Our May survey of real estate agents pointed to continued strength in home prices, with traffic and inventory levels also suggesting that the momentum will last beyond the Spring season. Traffic exceeded the expectations of agents for the fourth consecutive month, and our price index pointed to sequentially higher prices for the second straight month." PHM closed at $8.16 on Tuesday.