Soleil Previews Lennar (LEN) Q2 Earnings
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Soleil Securities Group previews Lennar's (NYSE: LEN) Q2 earnings, expected out tomorrow, June 26.
The firm is expecting Lennar to report a Q2 loss of $0.33, versus the consensus of ($0.55), and revenues of $936.3 million, versus the Street estimate of $1.09 billion. Soleil's model reflects "further market deterioration with no signs of stabilization" and includes a 3% decline in prices and 13.8% decline in closings on a sequential basis. At the same time, the firm is estimating an improvement in cancellation rates, from 26% in Q1, and a 1.6% drop in backlogs.
In the end, Soleil believes Lennar will be "well positioned in this downturn given management's aggressive focus of converting inventory into cash and solidifying the balance sheet."
The firm maintains its Buy rating and $21 price target on shares of Lennar.
Lennar Corporation operates as a homebuilder in the United States.
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