UPDATE - UBS Downgraded Lennar (LEN) to Neutral; Current Valuation Assumes Too Robust A Recovery
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Price: $87.02 +1.87%
Rating Summary:
13 Buy, 14 Hold, 9 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
13 Buy, 14 Hold, 9 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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UPDATE - UBS downgraded Lennar (NYSE: LEN) from Buy to Neutral. PT raised from $21 to $23.
UBS analyst said, "Since 8/31, LEN is +57%-vs. the group +38%-and now trades at 1.3x tang BV. Previously we cited the co's ability to remain profitable, even in a slow/no growth environment. Although our thesis remains intact, we don't believe its EPS power is sufficient to justify the current valuation in a gradual recovery scenario."
"We are revising our forecasts for Lennar; our F12E EPS goes to $0.45 from $0.70. Fwd years have also been adjusted. We still believe the co is among the best positioned builders in a recovery, reflecting its operating acumen, combined with likely benefits from Rialto. That said, this is already reflected in the valuation." (FY13 EPS estimate cut from $1.15 to $0.90)
To see more ratings on LEN, Click Here
UBS analyst said, "Since 8/31, LEN is +57%-vs. the group +38%-and now trades at 1.3x tang BV. Previously we cited the co's ability to remain profitable, even in a slow/no growth environment. Although our thesis remains intact, we don't believe its EPS power is sufficient to justify the current valuation in a gradual recovery scenario."
"We are revising our forecasts for Lennar; our F12E EPS goes to $0.45 from $0.70. Fwd years have also been adjusted. We still believe the co is among the best positioned builders in a recovery, reflecting its operating acumen, combined with likely benefits from Rialto. That said, this is already reflected in the valuation." (FY13 EPS estimate cut from $1.15 to $0.90)
To see more ratings on LEN, Click Here
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