Lennar price target raised to $150 from $135 at JMP Securities

JMP Securities raised the firm’s price target on Lennar to $150 from $135 and keeps an Outperform rating on the shares. Lennar beat Q2 normalized EPS expectations, with outperformance driven by higher deliveries as well as a beat in financial services, the analyst tells investors in a research note. The millennial demographic is in the middle of a 15-year homebuying population bulge which will maintain demand trends for multiple years, the firm argues, adding that homebuilders like Lennar with ample lot supplies should be the largest benefactors of these tailwinds over the next 12-24 months.