The firm also raised 2015 earnings estimates to $3.24 from $3.10 per share, with 2016 earnings estimates to $3.94 from $3.50 per share.
The firm believes that Lennar is seeing a recovery in the first-time buyer demographic, according to the analyst note.
"We continue to see a rebound at the entry-level as necessary for a sustained housing recovery," Barclays analysts said.
Lennar is a real estate company that provides commercial real estate investment, real estate-related financial services, and offers residential mortgage loan products to buyers of their homes and others.
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 few notable 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, reasonable valuation levels and compelling growth in net income. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."
Highlights from the analysis by TheStreet Ratings Team goes as follows: