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KeyBanc Raises Lennar's Price Target On Housing Market Optimism

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KeyBanc Raises Lennar's Price Target On Housing Market Optimism

KeyBanc boosted its price target for Lennar Corporation (NYSE: LEN), the nation’s No. 2 homebuilder, on optimism around the improving housing market driven by interest rates.

The Analyst

KeyBanc’s Kenneth Zener raised his target price on Lennar from $50 to $57 and maintained an Overweight rating on the stock.

The Thesis

The bullishness comes despite a first-quarter earnings miss for Lennar, but Zener said the optimism reflects the likelihood of improving momentum for the company in the second half of 2019.

Several signs point to strength in the homebuilding industry, with low unemployment, along with an easing in mortgage rates with the Fed having paused interest rate hikes. Zener noted Lennar offered favorable 2019 commentary for stronger orders.

Price Action

Lennar shares were coming back down on Thursday after rising more than 4 percent Wednesday. Lennar was trading down 2.5 percent to $50.41 per share at time of publication.

Related Links:

KB Homes Analysts React To Q1 Earnings Beat, Revenue Miss, Note Interest Rate Effect

KeyBanc Upgrades Homebuilders, Says Stocks Are In Position To Be Cyclical Outperformers

Latest Ratings for LEN

DateFirmActionFromTo
Oct 2019MaintainsBuy
Oct 2019MaintainsBuy
Oct 2019ReiteratesMarket Outperform

View More Analyst Ratings for LEN
View the Latest Analyst Ratings

Posted-In: homebuilders KeyBanc Capital MarketsAnalyst Color Price Target Analyst Ratings Best of Benzinga

 

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