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Upgrade Alert for Lennar (LEN)

By James Quinn

Lennar (NYSE:LEN) was upgraded from Neutral to Buy at Buckingham today. The stock closed yesterday at $41.61 on volume of 2.4 million shares, above average daily volume of 2.2 million.

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).

In the past 52 weeks, shares of Lennar have traded between a low of $37.14 and a high of $56.04 and closed yesterday at $41.61, which is 12% above that low price. The 200-day and 50-day moving averages have moved 0.31% lower and 0.70% higher over the past week, respectively.

Lennar (NYSE:LEN) has potential upside of 31.1% based on a current price of $41.61 and analysts' consensus price target of $54.55. The stock should run into initial resistance at its 50-day moving average (MA) of $46.35 and subsequent resistance at its 200-day MA of $47.88.

SmarTrend recommended that its subscribers protect gains by selling shares of Lennar on August 3rd, 2016 by issuing a Downtrend alert when the shares were trading at $45.66. Since that call, shares of Lennar have fallen 9.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades Lennar

Ticker(s): LEN