FBR Capital Reiterates Outperform Following Lennar Corp.'s (LEN) 1Q EPS Beat
FBR Capital reiterated an Outperform rating and $60.00 price target on Lennar Corp. (NYSE: LEN) following the company's 1Q earnings report. Lennar reported headline F1Q16 EPS of $0.63, which exceeded consensus expectations of $0.52. This was a strong quarter for Lennar, as homebuilding deliveries, average selling price, SG&A leverage, and earnings were all better than consensus estimates.
Analyst Patrick Kealey commented, "We reiterate our Outperform rating and $60 price target following the release of Lennar's F1Q16 results. Lennar once again beat expectations, driven by strongerthan-anticipated top-line growth, and its focus on a more efficient balance sheet should be a source of return improvement over the next several years. Looking ahead, we think Lennar remains one of the best-positioned builders for steady housing growth, and management's diligent focus on reducing fixed costs should lead to outperformance versus peers even in a more modest gross-margin environment."
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Shares of Lennar closed at $48.18 yesterday.