BofA analyst Rafe Jadrosich lowered the firm’s price target on Lennar (LEN) to $133 from $135 and keeps a Neutral rating on the shares. The company reported a fiscal Q3 earnings miss and offered a Q4 outlook below consensus, the analyst tells investors in a research note. The firm reduced Lennar’s estimates to reflect lower deliveries and sees a balanced risk/reward at current share levels.
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