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UPDATE: J.P. Morgan Downgrades PulteGroup to Neutral on Valuation

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In a report published Tuesday, J.P. Morgan analyst Michael Rehaut downgraded the rating on PulteGroup (NYSE: PHM) from Overweight to Neutral, but slightly raised the price target from $23.00 to $24.00.

In the report, Rehaut noted, “We rate PHM Neutral relative to its peers, as while we point to its moderate valuation discount to the group on an adjusted P/B basis (trading at 1.91x vs. the group's 2.05x), we note it is trading roughly in-line against our 2016 Earnings Power analysis, at 8.0x versus the group at 8.1x. Hence, we believe this relative valuation appropriately reflects our outlook for solidly below average order growth in 2013 and 2014, roughly offset by our outlook for above average margin expansion over the same period.”

PulteGroup closed on Monday at $21.21.

Latest Ratings for PHM

DateFirmActionFromTo
Dec 2019Initiates Coverage OnBuy
Nov 2019DowngradesBuyNeutral
Oct 2019MaintainsNeutral

View More Analyst Ratings for PHM
View the Latest Analyst Ratings

Posted-In: J.P. MorganAnalyst Color Downgrades Analyst Ratings

 

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Latest Ratings

StockFirmActionPT
LULUMorgan StanleyMaintains214.0
FWONKMorgan StanleyMaintains52.0
HPPMorgan StanleyMaintains39.0
COSTRBC CapitalMaintains334.0
ORCLRaymond JamesMaintains57.0
View the Latest Analytics Ratings
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