Lennar price target raised to $196 from $164 at Citi

Citi analyst Anthony Pettinari raised the firm’s price target on Lennar to $196 from $164 and keeps a Neutral rating on the shares. Shares fell 5% following the fiscal Q3 gross margin miss and estimated 200 basis point cut to fiscal Q4 gross margin guidance, but lower margins are a result of increased incentives as Lennar maintains a steady sales pace, says the analyst, who raised FY24, FY25 and FY26 EPS estimates by 30c, 20c, and 30c, respectively.