BTIG analyst Carl Reichardt, Jr. reiterated a Buy rating and $65 price target on Lennar following the company's Q2 results, saying much better-than-expected delivery volume drove the beat in the quarter, but Lennar pulled forward spec deliveries in 2Q19 from 3Q19, and, as a result, the Q3 guidance was lighter than expected. The analyst tells investors in a research note that he continues to strongly favor Lennar's FY19 strategy of pace over price and believe the company's deep local share and entry-level mix will lead to growth outperformance and higher returns relative to most smaller peers.

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Bearish flow noted in Lennar with 3,786 puts trading, or 2x expected. Most active are Apr-24 152.5 puts and 4/26 weekly 155 puts, with total volume in those strikes near 2,700 contracts. The Put/Call Ratio is 5.13, while ATM IV is up nearly 2 points on the day. Earnings are expected on June 12th.