Lennar De-Risking Portfolio Through Strategic Shift
1. Lennar completed the spin-off of Millrose Properties, enhancing its asset-light strategy. 2. 98% of Lennar’s lot position is now through land option contracts, boosting capital efficiency. 3. FY25 targets 8-10% YoY growth but faces high mortgage rates and affordability issues. 4. New home orders for 2Q25 expected at 22,500-23,500 amid challenging market conditions. 5. Rating revised to BUY with a target price of $121, reflecting positive future outlook.