NEW YORK (TheStreet) -- Lennar (LEN) shares are up 1.4% to $51.77 in afternoon trading on Thursday after the home builder's price target was upgraded to $54 from $53 by analysts at Barclays who maintained its "overweight" rating.
Analysts at the firm also raised the company's full year EPS estimate to $3.24 from $3.10 and raised its 2016 earnings forecast to $3.94 from $3.50.
The upgraded outlook is a result of the firm's belief that the housing market is in good shape with the first time buyer market showing signs of recovery.
Insight from TheStreet research team
Lennar is the subject of today's Trifecta Stocks 'Chart of the Day' analysis. Here is what analysts Bryan Ashenberg and Bob Lang had to say about the stock.
Lennar reported some stellar earnings Wednesday morning and managed to trade well in the face of a very mean tape. While we saw the broader market slide, this stock gapped higher and held onto some nice gains. Although it closed off the highs, the chart seems to show there is room to run.
The Relative Strength may have peaked, but there is a positive divergence in the Moving Average Convergence Divergence, which shows a buy signal. As the stock trades above the Bollinger Bands now, this could blossom into a fat tail trade. One more up day and we could see this head sharply higher.