JPMorgan downgraded Lennar (LEN) to Und erweight from Neutral with a price target of $115, down from $118. The firm maintains a cautious stance on the homebuilders sector for 2026. JPMorgan expects an unfavorable demand/supply backdrop to bring additional pressure and downside risk for builder fundamentals. Builder fundamentals are likely to remain “relatively weak” in 2026, with persisting downside risk to estimates due to a still challenged demand/supply industry backdrop, the analyst tells investors in a research note.
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