J.P. Morgan Raises Price Target on PulteGroup (PHM) from $8.50 to $9.00

J.P. Morgan has published a report increasing price target on PulteGroup Inc. (NYSE: PHM) from $8.50 to $9

J.P. Morgan believes that according to 1Q results, PHM is consistent with both public and private builder commentary. In the report, J.P. Morgan cites “given our view that the Spring has neither been a strong success nor a major disappointment, but rather “ok”, and that pricing has largely held through the critical first 2-3 months of the season, and gross margins are generally holding, we continue to believe pricing will be relatively stable going forward, which is a solid positive catalyst relative to broad investor expectations.”

PulteGroup (PHM) closed Friday at $8.13.