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Fly News Breaks for March 22, 2017
WCIC, LEN
Mar 22, 2017 | 07:47 EDT
RBC Capital analyst Robert Wetenhall says that Lennar reported "solid" Q1 results. He blames the stock's weakness on "reduced profitability due to higher costs for land and construction coupled with one-time expenses associated with the acquisition of WCI Communities (WCIC)." However, since Lennar reiterated its fiscal 2017 margin guidance and made upbeat comments about its outlook, the weakness was "unwarranted," according to Wetenhall. He raised his price target on the shares to $60 from $53 and keeps an Outperform rating on the stock.
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