Citizens JMP lowered the firm’s price target on Lennar (LEN) to $150 from $170 and keeps an Outperform rating on the shares following the fiscal Q1 report. The outperformance was on higher home deliveries, but that was at the detriment of backlog, the analyst tells investors in a research note. The firm says Lennar’s guidance for gross margin missed expectations and that there are a significant number of moving parts that occurred this quarter, including the spin-off of Millrose Properties. Citizens remains “hopeful” that 2025 represents a low point for homebuyer demand.
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