Lennar price target lowered to $146 from $164 at UBS

UBS lowered the firm’s price target on Lennar (LEN) to $146 from $164 and keeps a Buy rating on the shares. Despite another challenging quarter for Lennar, UBS continues to expect the company’s operating strategy to bear fruit over time and believes expectations have been reset to reflect the near-term challenges of focusing on pace in a choppy demand environment, the analyst tells investors in a research note. UBS also feels sentiment has shifted far too negatively for the homebuilders in general, as the group is typically among the first to bounce as a bottom approaches.