Shares of home builder Lennar Corp. (LEN) - Get Report gained more than 2% on Friday after JPMorgan analyst Michael Rehaut added the company to the firm's Analyst Focus List and reiterated his overweight rating on the stock.
In a note to clients, Rehaut said that Lennar has "several levers at its disposal to pull" over the next two years - including shifting its building-focus to optioned land, repurchases of its stock and selling off core assets - that he feels will result in stronger returns and a higher valuation.
Rehaut reiterated his overweight rating on the company's stock, with a one-year price target of $57. As of mid-afternoon on Friday, shares of Lennar were at $51.52 on the New York Stock Exchange, up 1.6%.
Separately, Lennar on Friday announced the grand opening of three new home collections at 12 Oaks, a premier master-planned golf course community located in Holly Springs, N.C.
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