UPDATE: ISI Raises Lennar's PT

According to a research report published earlier today, ISI has increased Lennar's LEN PT to $31. In the report, ISI explained, “LEN's conference call was as solid a homebuilding call as we have heard in a very long time. There was a little something for everyone, including its competitors, as the management discussed the positively evolving housing world, along with the reasons it believes LEN will continue outperforming the group. More importantly, the results were high quality and likely repeatable, which helps us continue our bet on LEN. We are raising our PT to $31, creating, what appears at first glance, to be a stretched valuation.” ISI maintains its Buy rating on Lennar, which closed yesterday at $27.63.