Lennar price target lowered to $97 from $105 at Keefe Bruyette

Keefe Bruyette analyst Jade Rahmani lowered the firm’s price target on Lennar (LEN) to $97 from $105 and keeps a Market Perform rating on the shares. Lennar issued a defensive intraday statement reaffirming its land-light strategy and financial disclosure accuracy, which surprised the market and triggered a share sell-off, the analyst tells investors in a research note. The statement appears to have preempted a short report by Hunterbrook, and caution remains due to Lennar’s unique land banking arrangement with Millrose, which is expected to pressure margins relative to peers, the firm says.