JPMorgan analyst Michael Rehaut double downgraded PulteGroup to Underweight from Overweight and lowered his price target for the shares to $28 from $37.50. The analyst also removed the shares from his firm's Analyst Focus List. He expects below average order growth of 1% for both Q3 and Q4 as well as gross and operating margin contraction of 30 basis points in 2019. Further, he believes PulteGroup's share repurchase activity will "remain more limited" in 2019.

Zelman upgraded PulteGroup to Outperform from Neutral.

BTIG analyst Carl Reichardt raised the firm's price target on PulteGroup to $133 from $122 and keeps a Buy rating on the shares after its Q1 earnings beat. The outperformance was driven by delivery volume, gross margin, financial services income and a lower tax rate, though these were partially offset by lower average selling prices, SG&A ex-the benefit and land sales profit, the analyst tells investors in a research note. BTIG maintains that PulteGroup's high relative returns, conservative balance sheet, balanced product mix and scale advantages over many smaller peers are underappreciated.