Lennar price target lowered to $157 from $161 at JPMorgan

JPMorgan lowered the firm’s price target on Lennar to $157 from $161 and keeps a Neutral rating on the shares post the fiscal Q1 report. The company is now pursuing a spin-off of most of its remaining owned land position into an apparent land banking type vehicle that would offer a permanent source of capital for its land light strategy, the analyst tells investors in a research note. The firm reduced estimates post the results.