NEW YORK (TheStreet) -- Shares of Lennar Corp. (LEN) are down -0.41% to $41.15 in early trading on Friday after Sterne Agee reduced its 12-month price target to $38.00 from $40.00, while maintaining its "neutral" rating.
While the firm's fiscal year 2014 earnings per share estimate is unchanged at $2.50, it lowered the fiscal third quarter 2014 earnings per share estimate to 65 cents from 80 cents.
Sterne Agee also cut its fiscal year 2015 earnings per share to $2.93 from $3.20, and initiated fiscal year 2016 earnings per share of $2.66.
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TheStreet Ratings team rates LENNAR CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate LENNAR CORP (LEN) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, increase in net income, increase in stock price during the past year and growth in earnings per share. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."