PulteGroup (PHM) Warns Of Slowing Demand But Rises Following 3Q Results

Panelists Jay McCanless and Rogers Healy recap PulteGroup earnings, with top and bottom line slightly missing Street expectations but rising Y/Y. Healy notes how we saw growth reflective of strong homebuilding demand earlier this year, but says to expect a continuous decline in home sales heading into the upcoming colder months. Wedbush's McCanless maintained a neutral rating with a $47 price target, down from $54, saying that the 45% decline in 3Q move up orders and 31% drop in active adult orders now suggests a more conservative outlook.