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ISI Group reiterated its Buy rating on Lennar
LEN and increased its price target to $43 per share.
ISI Group noted, "Given... results, its history of executing, its gameplan and specific financial outlook, we are raising our estimates for next quarter and next year, while moving up our price target to $43. It is no secret we have been worried about this group's equity move that has been nearly vertical. Thus, in the short run, it could be a bit choppy. However, we believe the market is recovering and LEN is one of the best plays to ride the recovery over the next 12-24 months. While stepping aside is very easy given the returns, we believe the group will trade significantly higher on the back of growing book values."
Lennar closed at $36.96 on Monday.
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Posted In: Analyst ColorPrice TargetReiterationIntraday UpdateAnalyst RatingsConsumer DiscretionaryHomebuildingISI Group
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