Lennar (LEN) PT Lowered to $85 at RBC Capital

RBC Capital analyst Mike Dahl lowered the price target on Lennar (NYSE: LEN) to $85.00 (from $88.00) while maintaining a Underperform rating.

The analyst comments "Our FY’26E/'27E EPS move -12%/-10% (-13%/-15% vs. prior Street) driven by the weak F3Q guide and continuation of persistently weak demand. The improvement in incentives was not 'blessed' as sustainable given ongoing risks and base price cuts, with mix/cost initiatives driving modest expected q/q GM% gains in 2H. Risks remain with limited scope for NT improvement and percolating questions of a recovery in '27, while the call/updated presentation did little to ease concerns around land banking costs and volume/margin/FCF impacts. Remain UP, lower PT to $85."

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