Lennar (LEN) PT Raised to $140 at Citizens JMP

Citizens JMP analyst Aaron Hecht raised the price target on Lennar (NYSE: LEN) to $140.00 (from $130.00) while maintaining a Market Outperform rating.

The analyst commented, "We maintain our Market Outperform rating and increase our price target to $140 (1.5x FTM book value) on shares of Lennar Corporation (LEN) following F3Q25 earnings. LEN reported normalized EPS of $2.00, excluding gains from its technology investments, which came in below Citizens’ estimate of $2.11 and the consensus of $2.10. Core results reflected lower-than-expected deliveries and gross margin. The business has remained pressured by prohibitive affordability levels for consumers, which caused management to slow its starts pace. The results, guidance, and management’s commentary lead us to incrementally lower our estimates in FY25 & FY26. However, considering the market’s expectation that we are at the beginning of a declining interest rate cycle, we believe the industry should start to see demand tailwinds, and we remain at Market Outperform."

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