Citi Initiates Coverage on Lennar (LEN) with a Hold
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Citi initiates coverage on Lennar (NYSE: LEN) with a Hold. Price target $14.50.
Citi analyst says, "We rate LEN Hold/Speculative Risk. While the company is exposed to a deteriorating housing market like other homebuilders, LEN faces the additional risks associated with potential liabilities arising from its joint venture investments. Management has thus far demonstrated an ability to successfully navigate the downturn and we expect that to continue. As the company reduces it exposure to potential liabilities from joint ventures over the next several quarters, we expect the valuation gap between LEN and its peers to narrow."
Lennar Corporation is a homebuilder and a provider of financial services. The Company operates in four segments: Homebuilding East, Homebuilding Central, Homebuilding West and Financial Services.
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