Barclays Maintains an 'Overweight' on Lennar (LEN); Takeaways from Meeting with Management

Barclays maintains an 'Overweight' on Lennar (NYSE: LEN) price target of $20.00.
Barclays analyst says, "Last night we had dinner with Lennar's President, Rick Beckwitt, and Chief Financial Officer, Bruce Gross. We came away from the dinner with a few positive takeaways and reiterate LEN as our Top Pick in Homebuilding."

"We believe the company's aspirations for Rialto go far beyond most investors'
anticipation. We believe the company plans to transform its Rialto business into a
fee-based, recurring revenue model...We believe there will be a significant ramp in Rialto's reported earnings stream coming from the sale of REO properties. With the current REO balance of $667 million, we believe that a 20-30% gain upon sale would imply $100-200 million in aggregate gains."

For more ratings news on Lennar click here and for the rating history of Lennar click here.

Shares of Lennar closed at $15.56 yesterday.

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