JPMorgan analyst Michael Rehaut raised the firm’s price target on Lennar to $173 from $154 on Friday and keeps a Neutral rating on the shares following quarterly results. The stock declined driven by investor disappointment regarding Lennar’s Q4 gross margin guidance reduction despite the recent decline in rates and some investor optimism regarding August demand trends. Regarding its contemplated land spin, which is expected to occur in the “very near future” and continues to go through confidential SEC review, Lennar provided an update that it expects to contribute $6B-$8B of land and cash from its balance sheet.
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