UPDATE: Williams Financial Group Downgrades PulteGroup to Hold Post In-Line Ratings

Williams Financial Group downgraded PulteGroup (NYSE: PHM) from Buy to Hold and raised the price target from $20.00 to $23.00.

Williams Financial Group noted, "Although we expect meaningful operational improvement through much of 2013, our overall concern is that diminishing order growth in what we believe will be a step function improvement for growth among peers will likely be viewed unfavorably by many investors and will limit further share appreciation, at least until community expansion returns into 2014. With shares already priced near fair value in our opinion, we are downgrading PHM to a Hold rating from Buy on valuation While we do not see significant downside risk from these levels, we do not see a meaningful catalyst on the horizon to lift share much beyond our new price target of $23."

PulteGroup closed at $20.74 on Thursday.