BofA analyst Rafe Jadrosich lowered the firm’s price target on Lennar (LEN) to $130 from $140 and keeps a Neutral rating on the shares. The firm updated its Lennar model to reflect the impact of Lennar’s spinoff of land assets through Millrose (MRP), a publicly traded REIT that was spun off and started trading on February 7. Separately from spinoff, the firm lowered its 2025 EPS forecast by 6% to reflect a more conservative gross margin outlook given muted demand and elevated incentives ahead of Lennar reporting fiscal Q1 earnings later this week and holding its conference call the following morning.
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