Wedbush analyst Jay McCanless upgraded Lennar to Neutral from Underperform with an unchanged price target of $144. The analyst cites valuation for the upgrade with the shares having passed through the price target. The firm’s cautious view on entry level and spec heavy builders like Lennar has not changed. It believes the Landspin spinoff may be the next catalyst for the shares but remains concerned that Lennar’s fiscal 2024 outlook for a 23.3% gross margin. Wedbush sees more downside than upside risk.
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