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Fly News Breaks for October 3, 2019
LEN
Oct 3, 2019 | 07:24 EDT
BTIG analyst Carl Reichardt raised his price target on Lennar to $75 and kept his Buy rating after its Q3 earnings beat, saying the quarter was "robust" and the tone of its outlook was "optimistic". The analyst also raises his FY19 and FY20 EPS view by 22c and 20c to $5.49 and $5.91 respectively, saying the company remains one of his top picks in homebuilding as it increases its option mix to improve returns and delevers its balance sheet. Reichardt adds that Lennar stock is trading at a 7% discount relative to peer group with a multiple of 1.6-times Price to Tangible Book Value.
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