Citi analyst Anthony Pettinari lowered the firm’s price target on Lennar to $139 from $148 and keeps a Buy rating on the shares. The analyst remains “selectively positive” on U.S. homebuilders citing “historically attractive” valuations, low inventories, and secular share gain tailwinds. With benchmark mortgage rates remaining above 7% for the past few weeks, the firm re-examined bull/bear scenarios for the housing market in 2024 and implications for the stocks.
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