Lennar price target lowered to $90 from $95 at Truist

Truist analyst Jonathan Bettenhausen lowered the firm’s price target on Lennar (LEN) to $90 from $95 and keeps a Hold rating on the shares. The firm views the company’s press release earlier today on its land light strategy as “defensive.” The stock has now lost its excess shareholder return premium and should trade at 1.0-times price-to-book, the analyst tells investors in a research note. Truist calls land banking “very expensive” and says Lennar’s Millrose spin does not effectively de-risk the company’s balance sheet.