Lennar price target raised to $145 from $130 at Keefe Bruyette

Keefe Bruyette analyst Jade Rahmani raised the firm’s price target on Lennar to $145 from $130 and keeps an Outperform rating on the shares following the Q2 report. Low housing resale inventory is supporting new home absorptions and pricing, driving homebuilder share gains, the analyst tells investors in a research note. With affordability stretched and an estimated 85% of mortgages below 4.5%, “this dynamic seems likely to persist,” says the firm.