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Fly News Breaks for July 27, 2018
PHM
Jul 27, 2018 | 06:19 EDT
BTIG analyst Carl Reichhardt downgraded PulteGroup to Sell from Neutral with a price target of $24, noting that growth will underperform for the next year after order decline of about 1% in Q2. The analyst cites the company's product mix, as its exposure in the entry-level homes where demand is the strongest remains low. Reichhardt expects orders to decline about 1% in the coming 4 quarters, reducing FY19 EPS by about 3% and weighing on PulteGroup's return on equity.
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