UPDATE: Citi Downgrades Lennar to Neutral

A report from Citi downgrades its rating from Buy to Neutral and reiterates its $20 price target on Lennar

. The report states, “We're downgrading LEN from Buy to Neutral primarily based on valuation. LEN is up ~30% since late September versus the homebuilder index which is up ~12% over the same period. On a P/TBV basis, LEN is trading toward the higher end of its valuation range of the past few years.” LEN closed yesterday at $18.12.