CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We cut our 12-month target price by $11 to $87, 7x our 2024 EPS view of $12.46 (up $0.98; 2023’s up $0.35 to $11.65), a discount to the five-year forward P/E average of 7.5x. Q3 EPS of $2.90 (+7.8% Y/Y) beat by $0.08 on revenue of $4.0B (+1.5% Y/Y), $60M below consensus. PHM closed 7.1K units (+0.4% Y/Y, -6.0% Q/Q) with an average selling price of $549K (+2.0%, +2.0%), of which 48% were spec sales. Net orders of 7.1K units (+43.0%, -11.0%) were valued at $3.8B (+36.0%, -10.0%). Backlog of 13.5K units (-21.0%, flat) was valued at $8.1B (-23.0%, -1.0%). Home sale gross margin of 29.5% (-60 bps Y/Y) was aided by active-adult, spec build, and build-to-order homes. The cycle time of 140 days is expected to

PulteGroup Reports Third Quarter 2023 Financial Results — Net Income Increased 8% to $2.90 Per Share — Home Sale Revenues Increased 3% to $3.9 Billion — Home Sale Gross Margin of 29.5% — Net New Orders Increased 43% to 7,065 Homes with a Value of $3.8 Billion — Unit Backlog Totaled 13,547 Homes with a Value of $8.1 Billion — Repurchased $300 Million of Common Shares and Retired $65 Million of Senior Notes in the Quarter — Debt-to-Capital Ratio Reduced to 16.5%; Net Debt-to-Capital Ratio of 1% Including Company’s Cash Balance of $1.9 Billion ATLANTA–(BUSINESS WIRE)–October 24, 2023– PulteGroup, Inc. (NYSE: PHM) announced today financial results for its third quarter ended September 30, 2023. For the quarter, the Company reported net income of $639 million, or $2.90 per share. In the prior year period, the Company reported net income of $628 million, or $2.69 per share. “PulteGroup’s third quarter results