Lennar downgraded to Neutral from Buy at BTIG

BTIG downgraded Lennar (LEN) to Neutral from Buy and removed the firm’s prior price target after the company missed Q4 EPS and guided Q1 EPS 31% below the prior FactSet consensus. The firm previous positive thesis had been that investors were getting Lennar, the builder, at a modest discount to fair value and the Millrose spin for free, but based on the firm’s new estimates, Millrose is likely to be worth slightly less to shareholders than the firm expected and the standalone builder appears fairly-valued on its new, lower EPS forecasts, the analyst tells investors.