Wedbush upgraded PulteGroup shares from neutral to outperform, citing a dramatic sell-off that offers attractive entry points. With a 12-month price target of $135, representing a 25% potential upside, shares have declined 27% since peaking at $149.47 on October 18. Analyst Jay McCanless believes the sell-off is overdone, highlighting Pulte’s favorable customer mix, ongoing buybacks, and strong balance sheet. He predicts a net cash position by Q4 2024 and notes an improving mortgage industry backdrop. Analysts are divided, with nine out of 18 rating it as a buy, while the average price target suggests a nearly 37% gain.
