** 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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