KBW Upgrades LEN Amidst Slashing Homebuilder Price Targets (LEN, KBH, DHI, MTH)

Keefe, Bruyette, and Woods analysts Jade Rahmani and Bose George upgraded Lennar (NYSE: LEN) to Outperform from Market Perform. Separately, they slashed priced targets for D.R. Horton (NYSE: DHI), KB Home (NYSE: KBH), Lennar (NYSE: LEN), and Meritage Homes (NYSE: MTH).

The analysts said, "While we remain concerned about underlying demand and the expiration of the federal homebuyer tax credit, we believe Lennar has favorable risk characteristics around its ability to grow earnings."

Price Targets
DHI: To $12.00 from $14.50, currently $10.36
KBH: To $14.00 from $20.00, currently $11.32
LEN: To $19.00 from $22.00, currently $14.37
MTH: To $21.00 from $24.00, currently $16.81