JPMorgan lowered the firm’s price target on Lennar to $135 from $136 and keeps a Neutral rating on the shares following the fiscal Q3 report. The firm believes the stock’s relative valuation, trading above its peers on a price-to-earnings basis but below its peers on a price-to-book basis, fairly reflects its outlook for below average gross margins, operating margins and return on equity in fiscal 2023 and 2024.
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