Lennar Upgraded to “Overweight” at Barclays Capital (LEN)
Home builder Lennar Corporation (LEN) saw its rating and price target boosted on Wednesday by analysts at Barclays Capital.
The analyst raised its rating on LEN to “Overweight” from “Equal Weight,” and upped its price target on the stock to $20 from $17. Lennar shares had closed at $16.25 on Wednesday.
Barclays cited its believe that the company will see further upside in 2010 for the upgrade.
Lennar shares rose 50 cents, or +3.1%, in morning trading Thursday.
The Bottom Line
We have avoided shares of LEN since our early June 2008 coverage began, when the stock was trading at $15.23. The company has a .98% dividend yield, based on last night’s closing stock price of $16.25. The stock has near-term technical support in the $12-$14 price area. If the shares can firm up, we see overhead resistance around the $18 price level. We would remain on the sidelines for now.
Lennar Corporation (LEN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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