The analyst firm also raised its price target for the homebuilding company to $53 from $45.
Barclays analyst Stephen Kim said that the firm's bullish view of Lennar is specific to the company "against the backdrop of a Neutral rating on the Homebuilding Industry."
Kim wrote, "We recognize that LEN could very well trade in sympathy with its peers for some time to come, but we note that after the group's recent pullback, valuations for the homebuilding stocks now appear more fairly valued. Meanwhile, we expect LEN's FivePoint projects to steadily command a greater valuation premium in coming quarters, driving the investment opportunity in the stock."
Separately, 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 a number of strengths, 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, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and notable return on equity. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."