- KeyBanc analyst Kenneth Zener downgraded Lennar Corp LEN to Underweight from Sector Weight with an $86 price target, implying a 13% downside.
- The analyst thinks builders' operational success cannot offset cyclical tailwinds ebbing in time.
- Lennar's "low" P/E multiples partly discount "peak" margins, with book value at 1.7-times now in line with historic levels, Zener noted.
- The analyst also added that past cycles saw EPS fall before multiples P/E rose.
- Price Action: LEN shares are trading lower by 2.23% at $99.05 on the last check Wednesday.
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