PulteGroup price target lowered to $109 from $120 at RBC Capital

RBC Capital lowered the firm’s price target on PulteGroup (PHM) to $109 from $120 and keeps a Sector Perform rating on the shares as part of a broader research note on Homebuilders and Building Products in 2025. The firm is noting a “still-cautious” near-term bias toward builders and “relative preference but selective stance” on building products/distribution names as it expects continued affordability challenges to reverberate across the group amid the higher-for-longer interest rates backdrop. RBC adds however that investor sentiment has already shifted meaningfully more negative over the past several months, better balancing risk/reward.