Lennar price target lowered to $105 from $110 at BofA

BofA lowered the firm’s price target on Lennar (LEN) to $105 from $110 and keeps a Neutral rating on the shares after the company reported fiscal Q2 adjusted EPS below the firm’s $2.08 estimate, driven by higher SG&A and lower deliveries and average selling price, and gave fiscal Q3 SG&A guidance that was higher than expected. Following the report, the firm lowered its FY25 EPS estimate by 12% to reflect higher SG&A costs, the analyst noted.