Lennar price target lowered to $174 from $198 at Citi

Citi lowered the firm’s price target on Lennar to $174 from $198 and keeps a Buy rating on the shares. The stock underperformed post earnings as investors looked past the Q2 beat and reiterated fiscal year deliveries and GM guidance, towards a softer Q3 guide, the analyst tells investors in a research note. The firm, however, is encouraged by Lennar’s continued shift to an asset-light model, which it says should drive returns and de-risk the balance sheet.