Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Lennar Corporation (NYSE: LEN) reported upbeat earnings for the fourth quarter, after the closing bell on Wednesday.
Lennar posted GAAP earnings of $2.57 per share, versus market estimates of $2.23 per share. The company’s quarterly sales came in at $7.310 billion, versus expectations of $7.388 billion, according to data from Benzinga Pro.
Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, "We are pleased to report another strong quarter as we remained focused on consistent production pace driving sales pace, while using pricing, incentives, marketing spend, and margin informed by dynamic pricing to enable consistent sales volume in a fluctuating interest rate environment. Although affordability continued to be tested by interest rate movements, purchasers remained responsive to increased sales incentives, resulting in a 28% increase in our new orders and a 23% increase in our deliveries year over year."
Lennar said it sees second-quarter new orders of 20,900 to 21,300.
Lennar shares fell 7.6% to close at $152.86 on Thursday.
These analysts made changes to their price targets on Lennar following earnings announcement.
- Barclays raised the price target on Lennar from $173 to $180. Barclays analyst Matthew Bouley maintained an Overweight rating.
- Wells Fargo boosted the price target on Lennar from $165 to $175. Wells Fargo analyst Sam Reid maintained an Overweight rating.
- Evercore ISI Group increased the price target on Lennar from $224 to $238. Evercore ISI Group analyst Stephen Kim maintained an Outperform rating.
- UBS boosted the price target on Lennar from $190 to $198. UBS analyst John Lovallo maintained a Buy rating.
Latest Ratings for LEN
| Mar 2022 | JP Morgan | Maintains | Overweight | |
| Jan 2022 | B of A Securities | Downgrades | Buy | Neutral |
| Jan 2022 | UBS | Initiates Coverage On | Buy |
View the Latest Analyst Ratings
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