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Fly News Breaks for October 5, 2018
LEN
Oct 5, 2018 | 07:11 EDT
JMP Securities analyst Peter Martin increased his FY18 EPS estimate for Lennar by 10c following the company's Q3 results and guidance, but lowered his FY19 EPS estimate by 19c due to a reduction in his gross margin outlook and a lower average selling price forecast. His initial 2020 estimates assume flat community count and deliveries to reflect his view of a normalization of housing fundamentals due to rising rates, but not a material end of cycle slowdown, he tells investors. Net of the estimate changes, he lowered his price target on Lennar shares to $56 from $77 and keeps an Outperform rating on the stock.
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