Home builder Lennar Corporation (LEN) on Thursday received a big downgrade from analysts at MKM Partners.
The firm cut its rating on LEN from “Buy” to “Neutral,” noting it may be time to take profits on home building stocks. MKM Partners expects sales growth to be slow over the coming quarters, and thus sees little upside to near-term earnings expectations.
Lennar shares were mostly flat in premarket trading Thursday.
The Bottom Line
Shares of Lennar (LEN) have a .44% dividend yield, based on last night’s closing stock price of $36.78. The stock has technical support in the $32-$33 price area. If the shares can firm up, we see overhead resistance around the $42 price level.
Lennar Corporation (LEN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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