PulteGroup price target lowered to $140 from $165 at Wells Fargo

Wells Fargo lowered the firm’s price target on PulteGroup (PHM) to $140 from $165 and keeps an Overweight rating on the shares. The firm says that amidst late 2024 pessimism, the builder/product playbook for 2025 is complicated. Its strategy is to lean into attractively valued quality; opportunities to move up the risk curve “will eventually materialize but not quite yet.”