UPDATE: Williams Financial Reiterates Hold Rating, Raises PT on PulteGroup

In a report published Monday, Williams Financial Group reiterated its Hold rating on PulteGroup (NYSE: PHM), and raised its price target from $11.00. to $13.00.

Williams Financial noted, “Overall, we are pleased to see PHM finally realizing the benefits from its ongoing initiatives to drive improvements through its existing communities while controlling costs across the entire business. The company's long land position and significant mothballed land combined with somewhat subdued growth vs. peers over the last few quarters has tempered our view of the company's ability to fully participate and capitalize on the improving housing sector growth. However, after posting significantly improved operational metrics and at least in-line growth combined with the substantial move-up segment sales improvements, we have a slightly more positive outlook on PHM's longer-term potential.”

PulteGroup closed on Friday at $12.01.