The higher price target comes after the Miami-based home builder reported better-than-expected results for the 2016 first quarter yesterday.
Lennar posted earnings of 63 cents per share, beating analysts' estimates for 52 cents per share. Revenue for the period was $2 billion and surpassed Wall Street's expectations of $1.86 billion.
"Overall, it was a strong quarter marked by solid growth in orders, closings, average closing prices, SG&A control and a favorable tax rate, partially offset by less-than-expected Rialto and Multifamily income," Barclays wrote in an analyst note.
Additionally, the company's first-time home buyer volume improved during the period and made up 30% of its transactions in the first quarter, the firm said. During the same period last year, first-time home buyer volume was 25%.
"LEN noted that while it is seeing an uptick in first-time buyers, it will not invest in land far from city centers in order to capture a greater number of entry-level sales," Barclays added.
Shares of Lennar are edging lower by 0.02% to $48.18 in pre-market trading on Wednesday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
This is driven by several positive factors, which should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks covered.
The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, increase in net income, good cash flow from operations and notable return on equity.
The team believes its strengths outweigh the fact that the company has had generally high debt management risk by most measures that were evaluated.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: LEN