FBR Capital Reiterates Outperform on Lennar Corp. (LEN) Following EPS Beat
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FBR Capital reiterated an Outperform rating and $60.00 price target on Lennar Corp. (NYSE: LEN) following the company's 3Q earnings report. LEN reported headline EPS of $1.01, which exceeded the consensus expectations of $0.90.
Analyst Patrick Kealey commented, "We reiterate our Outperform rating and $60 price target following the release of Lennar's 3Q16 results. Lennar reported yet another solid quarter, as strong closing results and pricing power drove the better-than-anticipated bottom-line results. LEN remains one of the best-positioned builders for a higher-volume environment, through its focus on shorter lived assets, as well as growing investment in first-time land positions, and we believe this will ultimately translate into continued earnings growth and ultimately outperformance versus peers going forward."
Shares of Lennar closed at $43.50 yesterday.
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