BTIG initiated coverage of PulteGroup (PHM) with a Neutral rating. The company’s balanced mix of product offerings and broad geographic footprint has helped mitigate demand fluctuations in one buyer group or geography and enabled it to effectively manage the overall incentive load to keep inventory turning without overly diluting gross margin, the analyst tells investors in a research note. The firm added that Pulte has realized efficiency gains by increasing itts share of spec and optioned lot production.
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