PulteGroup initiated with a Buy at Truist

Truist initiated coverage of PulteGroup (PHM) with a Buy rating and $170 price target The firm launched coverage on the homebuilding industry, saying revenues will be mostly down in 2026, with modest overall unit declines and potentially some pricing pressure. Truist sees 2026 as a “bottom year” for margins and demand, which could result in “notable” 2027 earnings growth. It believes the market is “meaningfully mispricing” PulteGroup’s profitability potential over the next few years. PulteGroup is Truist’s favorite large cap idea.