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Benzinga
Benzinga
Business
Shivani Kumaresan

KeyBanc Downgrades Lennar - Read Why

  • KeyBanc analyst Kenneth Zener downgraded Lennar Corp  (NYSE:LENto 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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