Lennar price target raised to $216 from $175 at BTIG

BTIG analyst Carl Reichardt raised the firm’s price target on Lennar to $216 from $175 and keeps a Buy rating on the shares. The company’s unit delivery volume, lower SG&A-to-sales, and a lower tax rate drove its Q3 earnings beat, though this was partially offset by lower gross margin and average selling prices than the firm expected modeled, the analyst tells investors in a research note. BTIG was also “heartened: as Lennar released details on its Millrose land banking spin-off, suggesting $6B-$8B in assets, few liabilities, minimal personnel and a REIT structure, the firm added.