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Fly News Breaks for June 26, 2019
LEN
Jun 26, 2019 | 07:27 EDT
Wedbush analyst Jay McCanless reiterates an Outperform rating and a $62 price target on Lennar, and would buy the shares at current levels. The analyst views the post-conference call selloff as "unwarranted" given Lennar reiterated the 2019 gross margin guidance and raised the midpoint of the annual closing guidance, while the company's average incentives on orders trended lower from Q4 of 2018 to Q2 of 2019 and lower mortgage rates drove buyer traffic in Q2 and brought back buyers who had previously been priced out by higher mortgage rates.
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