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 (NYSE: LEN).
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.
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