Shares of homebuilder PulteGroup (NYSE:PHM) were trading up 1.5% at $109.23 in pre-market trading, following an upgrade from brokerage Wedbush.
Wedbush raised its rating on PulteGroup to "Outperform" from "Neutral," stating that the recent decline in the stock price appears excessive.
The brokerage believes the company is undervalued at current levels.
Wedbush also revised its 2025 earnings per share (EPS) estimate for PulteGroup upwards to $14.58 from $14.39 previously.
Overall, analyst sentiment on PulteGroup remains positive.
Ten out of 18 brokerages rate the stock as "Buy" or "Higher," while eight maintain a "Hold" rating.
The median price target among analysts is $146, according to data compiled by LSEG.