On Friday analysts at Topeka Capital started home builder Lennar Corporation (LEN) with a “Hold” rating as the firm sees the stock seems properly valued after almost doubling year-to-date.
The analysts give LEN a price target of $33, a -9.0% downside from Thursday’s closing price of $36.29.
Topeka Capital commented, “Lennar’s shares have appreciated approximately 100.0% year-to-date versus 12.1% for the S&P 500. We see potential catalysts on the horizon including Lennar’s Rialto operations, the California joint venture projects and improvingnational housing demand, but we view the shares as fairly valued at current levels.”
Lennar shares were flat in premarket trading on Friday. The stock is up +84.68% year-to-date.
The Bottom Line
Shares of Lennar Corp (LEN) have a .44% dividend yield, based on last night’s closing stock price of $36.29. The stock has technical support in the $32-$33 price area. If the shares can firm up, we see overhead resistance around the $38-$42 price levels.
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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