A week ago, Compass Point upgraded Lennar from Neutral to Buy. The stock closed at $40.57, which is 3.2% lower than the price one week ago ($41.91).
Lennar Corporation constructs and sells single-family attached and detached homes, and to a lesser extent multi-level buildings as well as as buys and sells residential land. The Company also provides mortgage financing, title insurance, closing services and other ancillary services (including personal lines insurance, high-speed Internet and cable television).
Lennar has overhead space with shares priced $40.22, or 5.5% below the average consensus analyst price target of $42.54. The stock should discover initial support at its 50-day moving average (MA) of $39.54 and subsequent support at its 200-day MA of $33.61.
In the past 52 weeks, Lennar share prices have been bracketed by a low of $22.01 and a high of $43.22 and are now at $40.22, 83% above that low price. The 200-day and 50-day moving averages have moved 0.68% higher and 0.62% higher over the past week, respectively.