UPDATE: Williams Financial Group Upgrades PulteGroup to Buy, Raises PT

In a report published Wednesday, Williams Financial Group upgraded its rating on PulteGroup (NYSE: PHM) from Hold to Buy, and raised its price target from $13.00 to $17.00.

Williams Financial noted, “We have been encouraged over the last couple of quarters as PHM seems to be finally realizing the benefits from its ongoing strategies 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 meaningfully improved operational metrics and in-line new order growth combined with the substantial move-up segment sales improvements, we have turned more positive on PHM's longer-term outlook.”

PulteGroup closed on Tuesday at $14.67.