BTIG analyst Carl Reichardt raised the firm’s price target on Lennar to $116 from $104 and keeps a Buy rating on the shares. The analyst cites increased confidence that the company’s y/y order growth rates have bottomed or are near bottoming. The firm contends that Lennar has found demand elasticity by prioritizing pace over price and is seeing increased new orders success as the quarter moves forward. BTIG further states that Lennar shares remain undervalued with a business model that should produce more accelerating returns over time than many peers.
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