UBS and JPMorgan have lowered their price targets on Lennar Corporation following the homebuilder's second-quarter earnings report. UBS cut its target to $94 from $107 while maintaining a Neutral rating, and JPMorgan reduced its target to $77 from $80 with an Underweight rating, citing softer housing demand and revised guidance. Lennar delivered 20,519 homes in the quarter, with new orders reaching 21,749 homes, and gross margin improved sequentially to 15.6%. The company also noted a decline in sales incentives to 12.9% from 14.1% in the prior quarter, which Executive Chairman Stuart Miller called a potentially sustainable trend. Additionally, Lennar announced management changes, promoting Jim Parker to Chief Operating Officer and David Grove to Executive Vice President for Homebuilding.
Lennar CorporationUBS and JPMorgan lowered price targets citing softer housing demand and revised guidance.
JPMorgan Chase & Co
UBS Group AG