UPDATE: Topeka Capital Markets Initiates PulteGroup at Buy; Move-Up Buyer Focus To Yield Growth

Topeka Capital Markets initiated coverage on PulteGroup

with a Buy rating and a $22 price target. Topeka Capital Markets noted, "We believe the catalysts for PulteGroup are pricing power at 70% of active neighborhoods, reduced speculative home sales, and growing demand for move-up homes. We anticipate PHM's restructuring efforts over the last two years should result in approximately 70.0% YoY 2013 EPS growth." PulteGroup closed at $16.28 on Thursday.