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- Raymond James analyst Buck Horne reiterated a Market Perform rating on the shares of Lennar Corp (NYSE:LEN) after the review of 4Q22 results.
- Lennar reported 4Q22 GAAP EPS of $4.55, which included $0.25/share of mark-to-market tech investment losses and $0.22/share of land/backlog/option charges. The company expects 1Q23 EPS to be in the range of $1.40-1.70.
- The analyst said it is seeing some positive demand signals in recent weeks, including increased traffic to its communities and website.
- Also Read: Housing Is Still Hot, But It's Cool Enough To Touch, According To New Redfin Data
- The analyst added that LEN also anticipates its 1Q23 homebuilding gross margin of 21% to be the low point of FY23, as benefits from lower construction costs and lumber prices flow through inventory.
- The impact of surging mortgage rates has continued to be felt unevenly across different regions.
- Given the amount of uncertainty in the housing market, management refrained from providing full FY23 guidance and chose to only expand on its expected deliveries of 60,000 – 65,000 homes.
- While successfully finding buyers in a difficult environment, the pace at which Lennar is lowering home prices has several effects, said the analyst.
- Acknowledging some very modest green shoots as mortgage rates have dropped to the mid-6% range recently, the analyst said it still appears many potential buyers remain sidelined with growing expectations of further home price reductions in 2023.
- Related: Home Prices Are Dropping: Is This A Good Time To Buy A House?
- According to the analyst, the positive signs included the existing pent-up demand for homes, additional cost savings to stabilize margins and work on monthly affordable payments for buyers.
- The analyst thinks near-term risks to the macro outlook are substantial, and additional price cuts will likely prove necessary in 2023.
- Price Action: LEN shares are trading lower by 0.75% at $91.51 on the last check Monday.
- Photo Via Company
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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