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LEN

Lennar

$45.17

-1.14 (-2.46%)

08:17
01/11/19
01/11
08:17
01/11/19
08:17

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.

LEN Lennar
$45.17

-1.14 (-2.46%)

01/07/19
01/07/19
UPGRADE

Overweight
Lennar upgraded to Overweight at KeyBanc
As previously reported, KeyBanc analyst Kenneth Zener upgraded Lennar to Overweight from Sector Weight, with a $50 price target, as he expects the stock, at 1.1 times FY19 book, to provide valuation support. Though he believes Builder estimates in general are more prone to downward revisions, the Builders' valuation history shows resiliency despite negative data trends in past inflection cycles. Given Lennar's still ongoing acquisition of CalAtlantic, and with results still pro forma and including purchase accounting, Zener expects positive management comments.
01/10/19
DBAB
01/10/19
NO CHANGE
Target $56
DBAB
Buy
Lennar price target raised to $56 from $51 at Deutsche Bank
Deutsche Bank analyst Nishu Sood raised his price target for Lennar to $56 saying the company's Q4 results show "steady through the storm." The analyst believes the stock's rally on the operating flexibility that Lennar has demonstrated through "this period of turmoil" makes sense. He keeps a Buy rating on the shares.
01/10/19
RBCM
01/10/19
NO CHANGE
Target $53
RBCM
Outperform
Lennar price target lowered to $53 from $58 at RBC Capital
RBC Capital analyst Mike Dahl lowered his price target on Lennar to reflect the impact of the "sales of Rialto and parts of financial services" along with the "core weakness in orders and margins." The analyst keeps his Outperform rating however, noting that the valuation on Lennar shares remains reasonable while also citing the market's willingness to look past the near term weakness after the stock rallied on a worse Q1 pre-announcement.
01/11/19
BUCK
01/11/19
INITIATION
BUCK
Buy
Lennar initiated with a Buy at Buckingham

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