Sterne Agee Adjusts Lennar Estimates for Convertible Debt Conversion

In a report published Friday, Sterne Agee analyst Jay McCanless reiterated a Neutral rating and $40.00 price target on Lennar (NYSE: LEN).

In the report, Sterne Agee noted, “We are reducing our FY14E/FY15E EPS to $2.24/$3.17 from $2.32/$3.31. These changes are strictly related to the conversion of Lennar's 2020 convertible notes into stock yesterday. Our $40 price target is unchanged as is our FY13E EPS of $1.97.”

Lennar closed on Thursday at $34.22.