Keefe, Bruyette & Woods Downgrades Lennar (LEN) to Market Perform; Valuation Call

Keefe, Bruyette & Woods downgraded Lennar (NYSE: LEN) to Market Perform, raises price target of $23.00.

KBW analyst says, "Lennar's fourth-quarter earnings demonstrated continued momentum despite Rialto earnings volatility, which should bode well for future results. Key variances to our forecast: stronger orders and gross margins, offset by weaker Rialto. We reduce our 2012 estimate on modestly lower deliveries, margins, and Rialto income and introduce 2013. We raise our target to $23 but downgrade to Market Perform as the shares appear fairly valued."

For an analyst ratings summary and ratings history on Lennar click here. For more ratings news on Lennar click here.

Shares of Lennar closed at $22.25 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Movano (MOVE) Misses Q2 EPS by 195c
• UBS Reiterates Buy Rating on NVIDIA (NVDA), Expects Q2 Revenue Beat