Argus
•
Jul 08, 2025
Lennar Corporation: Reducing target to $140
Sector(s)
Consumer Cyclical
Summary
Lennar Corp. based in Miami, is one of the two largest builders of homes based on 80,210 new home deliveries in FY24, up from 73,087 deliveries in FY23. Rival D.R. Horton actually delivered 89,690 in FY24. Lennar’s $35.4 billion in revenue ranks close to Horton’s $36.7 billion helped by an average sales price of $423,000 that is about $45,000 higher than DHI. Lennar builds homes in approximately 22 states. The company’s East region accounts for the most deliveries (27%), but the West counts for 38% of homebuilding revenue because the average closing price is $619,000. Lennar builds step-up (approximately 68% of closings), entry level (28%) and retirement (4%) homes. The company also provides mortgage financing. Lennar’s Multifamily business develops and manages apartment complexes through joint ventures. ‘Lennar Other, includes the
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Analyst Profile
Chris Graja, CFA
Senior Analyst: Retail
Chris covers the Consumer sector for Argus. He was the #1 Stock Picker in the Household Durables sector, winning the 2019 StarMine U.S. Analyst award from Refinitiv. He was the #1 Stock Picker in Food and Staples Retailing, winning back-to-back U.S. Analyst Awards in 2015 and 2016. He received a prestigious Volunteer of the Year award from the New York Society of Security Analysts in 2000. Prior to Argus, Chris spent 16 years at Bloomberg Financial Markets. He was the Director of Training and a Senior Researcher for Bloomberg’s research division before joining the new Bloomberg magazine as Technical Studies Editor in 1993. He rose to Executive Markets Editor of the publishing group. Chris co-authored the book “Investing in Small-Cap Stocks,” which was published in three U.S. editions, an audio book, and two Chinese editions. Chris earned an MBA from Rutgers University. He is a CFA charterholder.
