PulteGroup upgraded to Outperform at Wedbush after ‘overdone’ pullback

As previously reported, Wedbush analyst Jay McCanless upgraded PulteGroup (PHM) to Outperform from Neutral with a $135 price target arguing that the recent decline in share price appears “overdone.” Shares have retreated about 27% since hitting an all time high on October 18, notes the analyst, who also cites Pulte’s “favorable” customer mix, consistent share buybacks and “pristine balance sheet.”