Upgrades: Pulte Homes, Smith International Wednesday, November 18, 1:29 PM ET
This morning, Citigroup upgraded shares of Pulte Homes (NYSE:PHM) from Hold to Buy as the stock has underperformed the sector lately. Just over the last month, shares of Pulte Homes are down about ten percent, while competitor Toll Brothers (NYSE:TOL) has gained about eight percent. With the upgrade, Citigroup set a price target of $12 per share.
In morning trading, shares of Pulte Homes were up more than four percent following the upgrade.
And shares of Smith International (NYSE:SII) saw its shares upgraded following yesterday's twelve percent drop. The company unexpectedly announced a 28 million share offering that caught most investors off guard and sent shares lower. Citigroup believes the sell off was overdone and have raised its rating from Neutral to Buy, while RBC Capital issued an analyst report titled "Buy the Deal" reiterating its Buy rating.
Shares of Smith International had gained back some of yesterday's losses as the stock has climbed more than five percent so far this morning.
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