Analyst Actions: Lennar Upgraded to Conviction Buy at Goldman, PT Raised $10; Shares Spike 3% Early 02/06 04:26 AM
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07:26 AM EST, 02/06/2014 (MT Newswires) -- Home builder Lennar Corporation (LEN:$41.49,00$1.91,004.83%) has been upgraded to a Conviction Buy rating from Neutral by analysts at Goldman Sachs. The firm also raised its price target on the stock to $48 from $38 a share.
"We believe the market is valuing LEN almost exclusively for its core homebuilder business," said Goldman Sachs, "while ascribing little value to its ancillary businesses."
The firm also said it expects expects new home sales growth to reach 20% by Q4 of 2014 from 5% in Q1 2014.
Shares of LEN are up 3.39% to $40.92 in pre-market trading, moving within a 52-week range of $30.90 - $44.40.
Price: 40.92, Change: +1.34, Percent Change: +3.39
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Get more news on:SYMBOLS: LEN NEWS TYPE: Extended Trading, Pre-Market Movers, Analyst Ratings, Ratings: Upgrades and Downgrades, Ratings: Upgrades SECTORS: Consumer Discretionary, Household Durables, Industrials, Construction and Engineering
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