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Lennar's Agile Strategy In Challenging Market Yields Growth: Analyst Boosts Price Target By 10%

Lennar's Agile Strategy In Challenging Market Yields Growth: Analyst Boosts Price Target By 10%

Lennar在挑战性市场中的敏捷策略收益率增长:分析师将目标股价提高了10%
Benzinga ·  2023/12/19 14:29

Raymond James analyst Buck Horne reiterated an Outperform rating on the shares of Lennar Corp (NYSE:LEN) raised the price target from $150 to $165.

雷蒙德·詹姆斯分析师巴克·霍恩重申了伦纳尔公司(纽约证券交易所代码:LEN)股票的跑赢大盘评级,将目标股价从150美元上调至165美元。

Lennar reported core EPS of $5.17 for its F4Q23 results, topping estimates of $4.59.

伦纳尔报告称,其 F4Q23 业绩的核心每股收益为5.17美元,超过预期的4.59美元。

Another upside quarterly result and a well-timed reprieve in mortgage rates stand to unlock significant pent-up demand this spring, says the analyst.

这位分析师表示,另一个上涨的季度业绩以及适时缓解抵押贷款利率将释放出今年春天被压抑的大量需求。

However, in 4Q, Lennar had to battle a much tougher affordability equation as mortgage rates flirted with the 8% threshold in October, adds the analyst.

但是,分析师补充说,在第四季度,由于抵押贷款利率在10月份突破了8%的门槛,伦纳尔不得不与更艰难的负担能力方程作斗争。

The housing market briefly appeared near a tipping point in October, as buyers increasingly struggled with the sharp rise in mortgage rates to ~8%, the analyst writes.

分析师写道,由于抵押贷款利率急剧上升至约8%,买家越来越难以应付,房地产市场在10月份曾短暂接近临界点。

Also Read: Strong Homebuilder Performance In November Hints At 2024 Tailwind For 'Plow-Horse Economy'

另请阅读:11月房屋建筑商的强劲表现暗示着2024年 “耕马经济” 将迎来顺风

The demand rebounded in response to the rapid decline in rates in November and thus the margins on deliveries in 1Q24 will reflect the heightened incentives and advertising costs related to 4Q orders, says the analyst.

分析师表示,由于11月份利率的迅速下降,需求有所反弹,因此,第一季度的交付利润率将反映出与第四季度订单相关的激励措施和广告成本的提高。

By combining price reductions, mortgage rate buydowns, and other incentives, Lennar was able to keep buyers engaged and generate 32% y/y new order growth, according to the analyst.

分析师称,通过结合降价、抵押贷款利率回购和其他激励措施,Lennar得以保持买家的参与度,并实现32%的新订单同比增长。

Meanwhile, as per the analyst, the elevated selling incentives will be felt in lower-than-expected 1Q24 gross margins.

同时,根据分析师的说法,销售激励措施的提高将体现在第一季度毛利率低于预期中。

LEN continues to successfully demonstrate the blueprint for how well-capitalized builders keep taking market share from the existing home market, writes the analyst.

分析师写道,LEN继续成功展示资本充足的建筑商如何继续从现有房屋市场夺取市场份额的蓝图。

Heading into 2024, the analyst says that LEN is primed with a net debt-free balance sheet, a land-light pivot, and construction cycle times that are rapidly normalizing.

这位分析师表示,进入2024年,LEN已为无债务净资产负债表、土地轻型支点和迅速正常化的施工周期做好了准备。

The raised $165 price target projects LEN trading at 10.0x FY25 EPS, in line with its long term median multiple.

上调的165美元目标股价预计LEN的交易价格为25财年每股收益的10.0倍,与其长期中位数一致。

Price Action: LEN shares are trading higher by 1.14% at $148.91 on the last check Tuesday.

价格走势:周二最后一次支票,LEN股价上涨1.14%,至148.91美元。

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