Lennar price target lowered to $170 from $210 at JMP Securities

JMP Securities analyst Aaron Hecht lowered the firm’s price target on Lennar (LEN) to $170 from $210 and keeps an Outperform rating on the shares following the Q4 report. Guidance for the upcoming quarter disappointed on margin with the expectation coming in at 19%-19.3% compared to JMP’s prior estimate of 22%, the analyst tells investors in a research note. The firm says management highlighted incremental weakness in homebuyer demand as interest rates rose following the previous earnings call. The stock’s valuation is attractive but the spinoff brings some uncertainty, contends JMP. However, the firm e continues to believe that Lennar is undervalued.