| 2019-01-11 08:17:21|
LEN 08:17 01/11 01/11/19
Lennar initiated with a Buy, valuation compelling, says Buckingham
Buckingham analyst Megan McGrath initiated Lennar with a Buy and $56 price target telling investors she is more optimistic on the U.S. housing market due to the pull back in mortgage rates. McGrath said Lennar's valuation remains well below long-term averages despite recent strength and notes management has appropriately re-set 2019 expectations, continues to deleverage while using excess cash to buyback shares, and is pursuing a less land-heavy strategy.