Lennar downgraded to Underweight from Equal Weight at Barclays

Barclays analyst Matthew Bouley downgraded Lennar (LEN) to Underweight from Equal Weight with a price target of $98, up from $95. The firm adjusted ratings in the homebuilding and building products group as part of its 2026 outlook. Barclays expects another year of declines in single-family housing starts, saying the housing market “remains far from balanced.” This leaves the homebuilder stocks “volatile, with no cycle call to be made,” the analyst tells investors in a research note. Barclays believes building products and brokerage names can outperform despite weakness in new residential. It views building products and distributors as more compelling than homebuilders entering 2026.