Credit Suisse Raises Estimates on 1Q Beat for Lennar Corporation

In a report published Friday, Credit Suisse analyst Michael Dahl reiterated a Neutral rating and $43.00 price target on

. In the report, Credit Suisse noted, "We are raising our '15 EPS est. to $3.05 (from $2.85), driven primarily by stronger homebuilding revs (following better 1Q order growth), lower direct interest expense and tax rate. Our gross margin and SG&A ests. are essentially unchanged, while order expectations edge higher. Sequentially, near term earnings ests. moved lower for 2Q (-$0.07), though this was more than offset by better expectations for 3Q (+$0.03) and 4Q (+$0.13), reflecting the lower near-term backlog conversion and slower pace of community openings." Lennar Corporation closed on Thursday at $49.65.