Shares of Lennar Corp. popped 3.8% in Wednesday’s extended trading after the homebuilder reported better-than-expected 4Q results, driven by strong housing demand.
Lennar (LEN) reported 4Q earnings of $2.82 per share, which increased 32.4% year-over-year and topped the Street’s estimates of $2.37 per share. The company’s 4Q sales of $6.83 billion also exceeded the consensus estimates of $6.65 billion, but declined 2% year-on-year.
Lennar’s executive chairman Stuart Miller said that during the fourth quarter, “The confluence of Millennials starting families and creating households of their own, along with the pro-housing effects of the COVID-19 pandemic, has materially strengthened demand. This surge in demand for housing, combined with the market's inability to produce sufficient homes to meet this demand, has exacerbated the already well-documented undersupply of new and existing homes for sale.” (See LEN stock analysis on TipRanks)
On Dec. 8, UBS analyst Nishu Sood initiated coverage on Lennar stock with a Hold rating and a price target of $77 (3.7% upside potential). The analyst said that companies dealing with new home construction and remodeling will “fade sharply”, while commercial construction companies will return to normal rates.
Meanwhile, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 3 Buys and 3 Holds. The average price target stands at $89.60 and implies upside potential of about 20.6% to current levels. Shares have gained 33.2% year-to-date.
The South African economy will expand 3.9% next year after contracting nearly twice that rate in 2020, a Reuters poll found on Thursday, after a strong third quarter performance likely ease this year's estimates.
Taiwan's export orders likely rose in November for a ninth straight month, a Reuters poll showed, buoyed by continued demand for technology products during coronavirus-induced lockdowns that forced millions around the world to stay home.
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In the latest trading session, Freeport-McMoRan (FCX) closed at $24.39, marking a +0.37% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.18%. At the same time, the Dow lost 0.15%, and the tech-heavy Nasdaq gained 0.5%.
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