** Shares of U.S. homebuilder Lennar LEN.N down 1.5% at $122 premarket

** Barclays downgrades rating to "underweight" from "equal-weight", raises PT to $98 from $95

** New PT shows a downside of 20.9% from the stock's last close

** Brokerage says co's rigid production model and high valuation could squeeze margins, with affordability and inventory pressures keeping pricing weak

** Barclays expects U.S. housing starts to weaken in 2026, with single-family down 9% and multifamily up 7%, signaling softer overall construction activity

** Brokerage, however, hikes PT on peers D.R. Horton DHI.N to $132 from $110 and PulteGroup PHM.N to $115 from $98

** 5 of 20 brokerages rate the stock "buy" or higher, 11 "hold" and 4 "sell" or lower; their median PT is $125 - data compiled by LSEG

** YTD, LEN shares up 6%

(Reporting by Apratim Sarkar in Bengaluru)

((Apratim.Sarkar@thomsonreuters.com))