Raymond James downgraded Lennar (LEN) to Underperform from Market Perform without a price target following the fiscal Q3 report and reduced outlook. The new guidance acknowledges that Lennar’s volume-based operating strategy is “overdue for a re-calibration,” the analyst tells investors in a research note. At current share levels, Raymond James believes the market is underestimating the amount of time it may take for the company to restore its margins and returns to historical averages.
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