BofA analyst Rafe Jadrosich lowered the firm’s price target on PulteGroup (PHM) to $134 from $135 and keeps a Buy rating on the shares. Homebuilder stocks underperformed in 2024 as demand deteriorated in the second half of the year with higher mortgage rates, notes the analyst, who expects the challenging environment for homebuilders to persist through the first half of 2025.
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