Lennar price target lowered to $100 from $105 at Wells Fargo

Wells Fargo analyst Sam Reid lowered the firm’s price target on Lennar (LEN) to $100 from $105 and keeps an Equal Weight rating on the shares. The firm says the company’s Q1 call proved an anecdote to the last few quarters, namely it wasn’t a negative catalyst. Add in less bad than feared results, and Wells is not surprised shares were up. Still not a reason to buy, argues the firm.