Lennar downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Lennar to Neutral from Buy with a price target of $174, down from $180. The firm see less upside in Lennar shares versus others in the homebuilder group when considering the operating environment over the coming quarters. The company’s efforts to drive greater efficiencies and cost improvements in the core homebuilding business will come through over time, but uncertainty on the timing and potential financial impact of strategic initiatives, including the spin of land assets, are likely to remain an overhang, the analyst tells investors in a research note. It also believes Lennar’s initiatives are fully reflected in the stock’s valuation.