BofA analyst Rafe Jadrosich lowered the firm’s price target on Lennar to $171 from $189 and keeps a Neutral rating on the shares after the company reported fiscal Q2 results slightly ahead of expectations and guided to Q3 gross margin below expectations. Following earnings, the firm lowered its F2024 and FY25 EPS estimates by 2% and 1%, respectively, to reflect a more conservative gross margin outlook, partially offset by stronger orders.
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