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%
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·詹姆斯分析師巴克·霍恩重申了倫納爾公司（紐約證券交易所代碼：LEN）股票的跑贏大盤評級，將目標股價從150美元上調至165美元。
Lennar reported core EPS of $5.17 for its F4Q23 results, topping estimates of $4.59.
倫納爾報告稱，其 F4Q23 業績的核心每股收益爲5.17美元，超過預期的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.
這位分析師表示，另一個上漲的季度業績以及適時緩解抵押貸款利率將釋放出今年春天被壓抑的大量需求。
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，分析師補充說，在第四季度，由於抵押貸款利率在10月份突破了8％的門檻，倫納爾不得不與更艱難的負擔能力方程作鬥爭。
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.
分析師寫道，由於抵押貸款利率急劇上升至約8％，買家越來越難以應付，房地產市場在10月份曾短暫接近臨界點。
Also Read: Strong Homebuilder Performance In November Hints At 2024 Tailwind For 'Plow-Horse Economy'
另請閱讀：11月房屋建築商的強勁表現暗示着2024年 “耕馬經濟” 將迎來順風
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.
分析師表示，由於11月份利率的迅速下降，需求有所反彈，因此，第一季度的交付利潤率將反映出與第四季度訂單相關的激勵措施和廣告成本的提高。
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.
分析師稱，通過結合降價、抵押貸款利率回購和其他激勵措施，Lennar得以保持買家的參與度，並實現32％的新訂單同比增長。
Meanwhile, as per the analyst, the elevated selling incentives will be felt in lower-than-expected 1Q24 gross margins.
同時，根據分析師的說法，銷售激勵措施的提高將體現在第一季度毛利率低於預期中。
LEN continues to successfully demonstrate the blueprint for how well-capitalized builders keep taking market share from the existing home market, writes the analyst.
分析師寫道，LEN繼續成功展示資本充足的建築商如何繼續從現有房屋市場奪取市場份額的藍圖。
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.
這位分析師表示，進入2024年，LEN已爲無債務淨資產負債表、土地輕型支點和迅速正常化的施工週期做好了準備。
The raised $165 price target projects LEN trading at 10.0x FY25 EPS, in line with its long term median multiple.
上調的165美元目標股價預計LEN的交易價格爲25財年每股收益的10.0倍，與其長期中位數一致。
Price Action: LEN shares are trading higher by 1.14% at $148.91 on the last check Tuesday.
價格走勢：週二最後一次支票，LEN股價上漲1.14％，至148.91美元。
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