Barclays cuts Lennar price target to $70 after 52% Q3 earnings drop

  • Barclays lowered its price target for Lennar Corporation to $70.
  • Lennar reported a 52% Q3 net earnings decline to $284 million.
  • Lennar’s revenue fell 8.6% to $8.05 billion amid rising mortgage rates.

Barclays lowered its price target for Lennar Corporation to $70 from a higher level after the homebuilder reported a 52% decline in third-quarter net earnings to $284 million. Revenue fell 8.6% to $8.05 billion, with rising mortgage rates adding pressure to the business.

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