Shares of homebuilding company Lennar were upgraded to overweight from neutral at J.P. Morgan, following second-quarter earnings beat last week.
The analysts at J.P. Morgan also boosted their price target on the shares to $141 a share from $115. According to the analysts, the stock is attractive relative to its peers, and effectively not reflecting the company’s “significant and ongoing” business transformation.
For the quarter ended May 31, Lennar posted earnings of $2.65 a share, compared to $1.65 a share in the year-earlier quarter. Analysts polled by FactSet expected earnings of $2.38 a share.
Revenue rose to $6.43 billion from $5.29 billion. FactSet consensus was $6.1 billion.