Keefe, Bruyette & Woods Cuts Lennar's Price Target

Despite its stronger-than-expected EPS this week, Keefe, Bruyette & Woods cut Lennar Corporation LEN price target to $50 from $53 on declining gross margin expectations. The EPS was driven by carried interest, and Lennar noted the pressure on homebuilding and increased uncertainty.

Keefe, Bruyette & Woods, however, maintained its Outperform rating on the homebuilder. Its price target reflects an 18 percent increase from current price.

Earlier, FBR Capital Markets moved its price target to $49, an increase of $1 per share.

Shares of Lennar traded recently at $42.78.