Lennar Corporation has announced the preliminary results of its exchange offer for shares of Millrose Properties, Inc. The offer was oversubscribed, with a total of 91,972,752 shares of Lennar Class A common stock tendered by the expiration date of November 21, 2025.
The final exchange ratio has been set at 4.1367 shares of Millrose Class A common stock for each share of Lennar Class A common stock accepted. Due to the oversubscription, only a portion of the tendered shares will be accepted on a pro rata basis, while odd-lot shareholders will not face proration.
This successful exchange offer reflects strong interest in Lennar's stock and may positively influence investor sentiment, contributing to the recent price increase of 4.90%. Shares not accepted will be returned to stockholders, and checks for fractional shares will be issued after the exchange agent aggregates them.
Wall Street analysts forecast LEN stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for LEN is 101.18 USD with a low forecast of 80.00 USD and a high forecast of 122.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
13 Analyst Rating
Wall Street analysts forecast LEN stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for LEN is 101.18 USD with a low forecast of 80.00 USD and a high forecast of 122.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
0 Buy
7 Hold
6 Sell
Moderate Sell
Current: 110.790
Low
80.00
Averages
101.18
High
122.00
Current: 110.790
Low
80.00
Averages
101.18
High
122.00
RBC Capital
Underperform
downgrade
$95 -> $88
2026-01-09
Reason
RBC Capital
Price Target
$95 -> $88
AI Analysis
2026-01-09
downgrade
Underperform
Reason
RBC Capital lowered the firm's price target on Lennar to $88 from $95 and keeps an Underperform rating on the shares. Goldman remains cautious into early 2026, with housing affordability still challenging and R&R potentially inflecting later in the year, the analyst tells investors in a research note. Nonresidential markets are mixed, key risks include policy changes, rates, and tariffs, and the sector is expected to remain volatile, with homebuilders the most cautious, distribution favored, and building products OEMs offering relatively attractive valuations.
RBC Capital
Underperform
downgrade
$95 -> $88
2026-01-09
Reason
RBC Capital
Price Target
$95 -> $88
2026-01-09
downgrade
Underperform
Reason
RBC Capital lowered the firm's price target on Lennar to $88 from $95 and keeps an Underperform rating on the shares. RBC Capital remains cautious into early 2026, with housing affordability still challenging and R&R potentially inflecting later in the year, the analyst tells investors in a research note. Nonresidential markets are mixed, key risks include policy changes, rates, and tariffs, and the sector is expected to remain volatile, with homebuilders the most cautious, distribution favored, and building products OEMs offering relatively attractive valuations.
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Citi
Neutral -> Hold
downgrade
$133 -> $113
2026-01-08
Reason
Citi
Price Target
$133 -> $113
2026-01-08
downgrade
Neutral -> Hold
Reason
Citi lowered the firm's price target on Lennar to $113 from $133 and keeps a Neutral rating on the shares. The firm updated estimates and targets in the homebuilding and building products group as part of its 2026 outlook. Citi continues to prefer heavy construction materials with exposure to infrastructure over the residential exposed names.
Citizens
Outperform -> Market Perform
downgrade
$NULL
2026-01-07
Reason
Citizens
Price Target
$NULL
2026-01-07
downgrade
Outperform -> Market Perform
Reason
Citizens downgraded Lennar to Market Perform from Outperform without a price target. The firm believes Lennar has at least two more quarters of inventory clearance activity that may result in gross margins, sales volumes, and earnings below consensus estimates. In addition, the company's management changes may be a near-term risk, the analyst tells investors in a research note.
About LEN
Lennar Corporation is a homebuilder and an originator of residential and commercial mortgage loans. The Company is also a provider of title insurance and closing services, and a developer of multifamily rental properties. The Company's segments include Homebuilding East, Homebuilding Central, Homebuilding Texas, Homebuilding West, Financial Services, Multifamily, and Lennar others. Its Homebuilding segments primarily include the construction and sale of single-family attached and detached homes, as well as the purchase, development and sale of residential land directly and through its unconsolidated entities. The Company's Financial Services segment primarily provides mortgage financing, title and closing services primarily for buyers of its homes, as well as property and casualty insurance. The Company’s Multifamily segment is involved in the development, construction and property management of multifamily rental properties. its Lennar Other segment includes fund investments.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
