RBC Capital Downgrades Lennar (LEN) to Underperform
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Lennar (LEN) PT Lowered to $80 at JPMorgan
December 18, 2025 6:56 AM ESTJPMorgan analyst Michael Rehaut lowered the price target on Lennar (NYSE: LEN) to $80.00 (from $115.00) while maintaining a Underweight rating.
The analyst comments "Following LENs 4Q (Nov-end) earnings call, we provide our key takeaways below (pre-call bullets in the body of this note). Overall, LEN declined 5% today, below our universes 1% average decline (ex-LEN; S&P: -1%), we believe largely driven by 1Q26 gross margin guidance down 100-200 bps sequentially, solidly below investor expectations. Regarding guidance, LEN expects FY26 closings of 85.0K, which represents growth of 3% YOY, modestly below our 85.8K estimate (up 5%... More
