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LEN

Lennar

$51.21

-0.95 (-1.82%)

06:09
09/14/17
09/14
06:09
09/14/17
06:09

Lennar provides Q3 new orders and deliveries, updates on recent storms

Lennar announced that in anticipation of speaking at an investor conference this week and in advance of its Q3 conference call, it is providing new orders and deliveries, as well as information on the impact from the recent storms. In an unprecedented occurrence, two back-to-back major hurricanes affected Lennar's communities in Texas, Florida, Georgia and South Carolina, which markets in total represent approximately 40% of the Company's annual homebuilding revenues. For the three months ended August 31, Lennar had 7,610 new orders and 7,598 deliveries including unconsolidated entities, which increased 8% and 12%, respectively, compared to the three months ended August 31, 2016. The first storm, Hurricane Harvey, impacted the Houston, San Antonio and Austin markets. Despite the record-setting rainfall and flooding, Lennar incurred no flood damage to its homes in any of its active communities. Today, all of its communities in the state of Texas are currently open for sale. However, Hurricane Harvey did impact approximately 120 new orders and deliveries in the third quarter. Hurricane Harvey is also expected to impact approximately 130 deliveries in the fourth quarter ending November 30, 2017. The second storm, Hurricane Irma, impacted all of our Florida markets as well as our Atlanta and Coastal Carolina markets. In as much as this storm has only recently passed, and based on a very preliminary assessment, Lennar believes there to be only minor damage to its communities from the storm. Although it's still early in the assessment process, the short-term impact of Hurricane Irma will most likely delay approximately 700 deliveries from the fourth quarter of 2017 into fiscal 2018.

LEN Lennar
$51.21

-0.95 (-1.82%)

06/27/17
BOFA
06/27/17
NO CHANGE
BOFA
US housing cycle may be inflecting higher, says BofA/Merrill
BofA/Merrill analyst John Lovallo raised single-family house starts and new home sales forecasts for 2018 and 2019 to reflect a continuation in accelerating demand over the past six months. He now expects 2018 single family starts and new homes sales of up 9% year-over-year versus 6% previously, and 2019 growth of up 8% growth year-over-year, versus 5% previously. The analyst believes demand is being supported by the return of first time home buyers, low mortgage rates, and stronger home equity positions. Lovallo raised earnings estimates across the group and reiterated D.R. Horton (DHI) and PulteGroup (PHM) as top picks.
07/11/17
LEHM
07/11/17
DOWNGRADE
Target $56
LEHM
Equal Weight
Lennar downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Michael Dahl downgraded Lennar to Equal Weight and keeps a $56 price target for the shares. The analyst says his firm's June agency survey indicated moderating buyer traffic trends. He sees risk that near-term catalysts for builders will disappoint relative to rising expectations. As such, Dahl recommends "tactically" reducing exposure to homebuilder stocks.
07/11/17
LEHM
07/11/17
DOWNGRADE
Target $37
LEHM
Toll Brothers downgraded to Underweight from Equal Weight at Barclays
As previously reported, Barclays analyst Michael Dahl downgraded Toll Brothers (TOL) to Underweight and keeps a $37 price target for the shares. The analyst says his firm's June agency survey indicated moderating buyer traffic trends. He sees risk that near-term catalysts for builders will disappoint relative to rising expectations. As such, Dahl recommends "tactically" reducing exposure to homebuilder stocks. Along with Toll Brothers, the analyst this morning downgraded TRI Pointe (TPH), PulteGroup (PHM) and Lennar (LEN) to Equal Weight. He also upgraded CalAtlantic (CAA) to Equal Weight. Dahl reiterates Underweight ratings on KB Home (KBH), Meritage Homes (MTH) and Realogy (RLGY).
07/11/17
07/11/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Snap (SNAP) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Brian Nowak saying he now sees its advertising revenue growth being materially slower than he previously expected given the company's struggles to innovate and improve its ad product paired with the rising competition it faces from Facebook's (FB) Instagram. 2. Lennar (LEN), PulteGroup (PHM) downgraded to Equal Weight from Overweight at Barclays, and TRI Pointe (TPH) were downgraded to Equal Weight from Overweight at Barclays, while Toll Brothers (TOL) was downgraded to Underweight from Equal Weight. 3. Gildan Activewear (GIL) downgraded to Sector Perform from Outperform at RBC Capital with the firm's analyst citing year-to-date share strength and lack of meaningful upside to estimates. 4. PetMed Express (PETS) downgraded to Hold from Buy at Craig-Hallum with analyst Kevin Ellich saying risk/reward is balanced at current levels as the shares are up over 100% in the last 3 months. 5. Toyota (TM) downgraded to Underperform from Neutral at BofA/Merrill. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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Ciena

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SoftBank

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Teva

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C

Citi

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CEF

Central Fund of Canada Ltd

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NJR

New Jersey Resources

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-0.1 (-0.25%)

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MicroStrategy

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DAR

Darling Ingredients

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AON

Aon plc

$136.55

1.28 (0.95%)

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KBR

KBR

$20.59

0.39 (1.93%)

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TRQ

Turquoise Hill

$3.57

0.06 (1.71%)

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