Lennar price target lowered to $237 from $238 at Evercore ISI

Evercore ISI lowered the firm’s price target on Lennar to $237 from $238 and keeps an Outperform rating on the shares following the Q2 earnings report. Lennar closed down 5% due in part to continued uncertainty as to the land spinoff, although Evercore notes that the company filed its draft registration and raised the amount of land to be spun-off, the analyst tells investors. The firm anticipates a cash infusion into the spin, as it will not be financed with debt, which reduces upside to near-term share repurchases. Evercore remains encouraged by Lennar’s progression towards its production-oriented, asset-light business model, and believes it is well positioned to see a revaluation higher as additional details on the land spinoff become available in subsequent quarters.