Citizens JMP analyst Aaron Hecht lowered the firm’s price target on Lennar (LEN) to $130 from $150 and keeps an Outperform rating on the shares. Lennar’s Q2 normalized EPS missed consensus, and the guidance was weak regarding gross margin and elevated SG&A expenses, as management highlighted a soft housing market as homeownership affordability continues to be pressured by high interest rates, requiring increased concessions, the analyst tells investors in a research note. Regardless, the firm sees shares as undervalued.
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