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LEN

Lennar

$58.19

-1.9 (-3.16%)

06:11
04/12/18
04/12
06:11
04/12/18
06:11

Lennar elects Rick Beckwitt as new CEO, Diane Bessette as CFO

Lennar (LEN) announced that its board has elected Stuart Miller, Rick Beckwitt, Jon Jaffe, Bruce Gross and Diane Bessette to new executive positions with the company. The announced management changes recognize the hard work, effective leadership, collaboration and significant contribution that each of these executives have brought to Lennar over many years. Stuart Miller will continue his leadership role with Lennar as the newly appointed Executive Chairman. As Executive Chairman, Miller will continue to be actively involved in all aspects of the company's operations and continue to set the strategic direction for Lennar. Miller has worked full time with Lennar for more than 35 years and has served as its CEO for 21 years. Rick Beckwitt has been elected as the new CEO of Lennar. He also was elected to the Lennar board. Beckwitt has worked with Lennar for 12 years and has been the company's president since 2011. Beckwitt has been involved in the homebuilding and construction industry for more than 30 years. Prior to joining Lennar, he was previously on the board of D.R. Horton (DHI) and held various executive officer positions including president of the company. Jon Jaffe has been elected as the new president of Lennar and will continue as the company's COO. He also was elected to the Lennar board. Jaffe has worked with Lennar for more than 30 years and has been the dompany's COO since 2004. Jaffe led the company's expansion into California in 1995 and is responsible for Lennar's dominant position in California and the Western United States. The Lennar board also elected Bruce Gross as the new CEO of Lennar Financial Services, or LFS. Gross has worked with Lennar for more than 25 years and has served as the company's CFO since 1997. He also has overseen LFS, which includes Eagle Home Mortgage and North American Title. Starting in Q2, LFS will include the operations of Rialto Mortgage Finance and will target the expansion into a broader range of structured finance solutions for real estate assets. Diane Bessette has been elected as the new CFO of Lennar and will continue as the company's Treasurer. She has worked with Lennar for more than 23 years and has served as the company's Treasurer since 2008 and Controller from 1997 to 2008. Bessette's vast experience with the company enables Lennar to operate efficiently and with confidence that integrity and precision are maintained in all of the company's reporting.

LEN Lennar
$58.19

-1.9 (-3.16%)

02/13/18
JPMS
02/13/18
UPGRADE
Target $77
JPMS
Overweight
Lennar reinstated with an Overweight from Neutral at JPMorgan
JPMorgan analyst Michael Rehaut upgraded Lennar (LEN) to Overweight with a $77 price target following a period of restriction. The analyst previously had a Neutral rating on the shares with a $57 price target. Lennar is attractively priced ahead of becoming a "significantly stronger company" as it integrates CalAtlantic (CAA) over the next 12-18 months, Rehaut tells investors in a research note. Lennar will likely have an "uncommonly strong market share" across most of the country following the deal, the analyst contends.
02/23/18
EVER
02/23/18
UPGRADE
EVER
Outperform
Lennar upgraded to Outperform from In Line at Evercore ISI
02/23/18
02/23/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. FedEx (FDX) upgraded to Outperform from Market Perform at Bernstein with analyst David Vernon saying he expects revenue and earnings growth to be driven by a strengthening global economy and rising interest rates, the tightening domestic transportation market and demand for B2C delivery. 2. BT Group (BT) upgraded to Buy from Hold at Berenberg. 3. Financial Engines (FNGN) upgraded to Outperform from Market Perform at William Blair with analyst Robert Napoli citing the company's "strong" quarter. 4. Lennar (LEN) upgraded to Outperform from In Line at Evercore ISI. 5. Devon Energy (DVN) upgraded to Buy from Hold at KLR Group with analyst John Gerdes noting that the stock is down over 30% and has significantly underperformed the sector since late January, when he had previously downgraded it. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/05/18
MZHO
04/05/18
NO CHANGE
Target $80
MZHO
Buy
Lennar valuation favorable with more earnings upside ahead, says Mizuho
Mizuho analyst Haendel St. Juste says Lennar's posted "solid" Q1 results on better than expected joint venture income and margins. The analyst sees "even more" earnings upside ahead after Lennar outlined additional fiscal 2018 synergy potential and remained optimistic on the housing backdrop. St. Juste views the current valuation as favorable and maintains a Buy rating on the shares with an $80 price target.

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CLI

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ANSS

Ansys

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