Lennar price target raised to $120 from $116 at BTIG

BTIG analyst Carl Reichardt raised the firm’s price target on Lennar to $120 from $116 and keeps a Buy rating on the shares after its Q1 earnings beat. The firm maintains that Lennar has been a price leader in many of its markets, which has enabled the company to find demand elasticity by prioritizing pace over price and ultimately gain share and scale. While Lennar has been steadfast about plans to use margin as a "shock absorber" if needed to maintain volume, the company has also reiterated that gross margins in the back half of the year is likely to be higher than in the first half, as lower vertical construction costs flow through and asking prices stabilize, the analyst tells investors in a research note.