JPMorgan upgrades Lennar, sees nearly 50% upside amid hot housing market and potential buybacks

cnbc2021-06-18

The market is under valuing Lennar’s internal improvements and potential in a hot housing market, according to JPMorgan. The homebuilder reported its second quarter earnings on Wednesday, delivering ...

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Comments

ongyiren
2021-06-20
ongyiren
Ok
仁毅
2021-06-19
仁毅
Wow
Ezec
2021-06-19
Ezec
Nice
LMChin
2021-06-18
LMChin
Add in the watchlist
BoonKheng
2021-06-18
BoonKheng
Thx
SunnyBoyz
2021-06-18
SunnyBoyz
Yes pls like n comment thanks

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The company also raised its guidance for average sales prices and gross margins.\nAdditionally, the companyannounced in Marchthat it planned to spin-off some of its non-core assets to create a rental housing venture.\nJPMorgan analyst Michael Rehaut upgraded the stock to overweight from neutral, saying in a note to clients on Friday that the company appeared undervalued based on its strategic shift and potential for share buybacks.\n“At current levels, not only do we view LEN’s valuation as effectively not assigning much value to its proposed spin-off, but moreover, we expect the company to demonstrate further progress in its shift to an asset light model as well as, lastly, anticipate an increased level of returning cash to shareholders over time,” the note said.\nHome sales and starts have slowed in recent months as a short supply of houses on the market has hit at the same time as sky high lumber prices. 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