** Multiple brokerages cut PT on U.S. homebuilder lennar Corp LEN.N, citing challenging residential market and lower home deliveries
** Co on Monday posted Q2 revenue above analysts' estimates
** LEN's production model puts it in tough position inside waning market backdrop, Barclays says
** Brokerage expects further risk to co's EBIT margins due to challenged market conditions for new construction
** BofA Global Research says housing market is softening due to high mortgage rates and weaker consumer confidence
** Expects co's upcoming earnings to be below estimates on higher selling, general and administrative expenses
** Several brokerages revise co's 2025 EPS estimate downward; Oppenheimer cuts to $8.94 from $9.23
** BofA holds rating at 'neutral'; Barclays reiterates 'equal weight'
** LEN shares marginally up at $105 in choppy morning trading
** Six of 22 brokerages rate stock "buy" or higher, 16 "hold"; median PT is $128- data compiled by LSEG
** Including session's moves, shares down 20.5% YTD
Brokerage | New PT | Old PT |
BofA Global Research | $105 | $110 |
Barclays | $95 | $110 |
RBC | $98 | $122 |
(Reporting by Apratim Sarkar)
((Apratim.Sarkar@thomsonreuters.com))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.