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Fly News Breaks for January 8, 2020
LEN
Jan 8, 2020 | 15:15 EDT
Wedbush analyst Jay McCanless reiterates an Outperform rating and a $72 price target on Lennar's shares following the Q4 EPS release. The analyst believes the stock price has retreated since the end of Wednesday's conference call because the FY20 closing price guidance of $380k was below the Thomson consensus estimate of $429k and because Q1 2020 EPS guidance range of 80c-85c is below the Thomson Q1 consensus EPS estimate of 85c. Despite these headwinds, McCanless believes the FY20 gross margin guidance of 20.5%-21.0%, the Q1 2020 order growth guidance of 8%-10% versus his 8%-plus prior estimate, and the FY20 unit closing guidance surpassing his estimate and consensus are positive catalysts for the shares.
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