PulteGroup price target raised to $117 from $97 at Seaport Research

Seaport Research analyst Kenneth Zener raised the firm’s price target on PulteGroup to $117 from $97 and keeps a Buy rating on the shares. The firm favors high return on equity builders heading into 2024. It expects builders margins to broadly be bottoming, as past incentives ease, partly offset by rising input cost, with a rising cash-cost divergence among builders’ gross margins. Seaport expects higher-turn builders will fare best, as turns support both cash-flow, and an ability to guide demand upward, if need, the analyst tells investors in a research note.