PHM - PulteGroup: Strong Q1 And Excellent Balance Sheet Make Shares Attractive
2024-04-29 22:30:47 ET
Summary
- PulteGroup has been a strong performer, gaining over 75% in the past year, aided by strong quarterly results.
- The company's Q1 earnings beat expectations, with revenue rising by 10% and homebuilding gross margins increasing.
- PulteGroup is seeing strength in demand, with net orders rising 14% and backlog up 2% from last year, providing revenue visibility for 6 months.
PulteGroup ( PHM ) has been a very strong performer over the past year, gaining over 75%, as the housing market has proven resilient to elevated interest rates so far, with gains aided by strong quarterly results last week. In September , I rated PHM a buy, and since that recommendation, shares have returned nearly 50%, far outpacing the S&P 500’s 15% return. With shares near my $115-120 target, now is an opportune time to revisit shares. I remain bullish. ...
PulteGroup: Strong Q1 And Excellent Balance Sheet Make Shares Attractive