BUZZ-UBS lifts homebuilder PulteGroup's rating, cuts PT for peers

Reuters01-08 23:44

BUZZ-UBS lifts homebuilder PulteGroup's rating, cuts PT for peers

** UBS Research upgrades rating for U.S. homebuilder PulteGroup PHM.N to "buy" from "neutral"

** Expects PHM's margins and return on equity to continue leading peers and its diversified customer mix supporting profitability in the changing homebuying market

** Sees public homebuilders benefiting from resilient demand, lack of existing home inventory and procurement and financing advantages relative to smaller, private competitors

** However, UBS cuts PT to $148 from $154, still representing a 37% upside to the stock's last close

** Also cuts PT for peers on mortgage rate volatility and negative market sentiment for sector

Company	New PT	Old PT
DR Horton DHI.N	$203	$214
KB Home KBH.N	$100	$105
Lennar LEN.N	$192	$205
Meritage Homes MTH.N	$118	$126
NVR Inc NVR.N	$8750	$9450
Toll Brothers TOL.N	$185	$192

** Four brokerages rate PHM "strong buy", seven "buy" and seven "hold"; their median PT is $140 - data compiled by LSEG

** PHM rose 5.5% in 2024

(Reporting by Aatreyee Dasgupta)

((Aatreyee.Dasgupta@thomsonreuters.com))

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their median PT is $140 - data compiled by LSEG </p><p><span>** PHM rose 5.5% in 2024</span></p><p> (Reporting by Aatreyee Dasgupta)</p><p> ((Aatreyee.Dasgupta@thomsonreuters.com))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BUZZ-UBS lifts homebuilder PulteGroup's rating, cuts PT for peers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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