Lennar Analysts Boost Their Forecasts After Upbeat Earnings
Portfolio Pulse from Avi Kapoor
Lennar Corporation (NYSE:LEN) reported Q4 earnings surpassing market expectations with earnings of $2.57 per share against estimates of $2.23. However, sales slightly missed expectations at $7.310 billion versus $7.388 billion expected. The company experienced a 28% increase in new orders and a 23% increase in deliveries year over year. Following the earnings announcement, analysts from Barclays, Wells Fargo, Evercore ISI Group, and UBS raised their price targets on Lennar. Despite the positive earnings report, Lennar shares fell 7.6% to close at $152.86.
March 15, 2024 | 1:25 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Lennar Corporation reported higher than expected Q4 earnings but saw a slight miss in sales forecasts. Analysts have raised their price targets on LEN despite a 7.6% drop in its share price following the announcement.
The positive earnings report and the subsequent increase in price targets by analysts suggest a bullish outlook for Lennar. However, the immediate drop in share price indicates market reaction may have been influenced by other factors, possibly the slight miss in sales forecasts. The long-term impact is likely positive as the market digests the earnings beat and analyst upgrades.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100