Net Earnings Decline: In Q4 2025, Lennar reported net earnings of $490 million, or $1.93 per diluted share, down from $1.1 billion and $4.06 per share in Q4 2024, reflecting market challenges and weakened consumer confidence.
Increased Deliveries: Despite a tough market environment, Lennar delivered 23,034 homes in Q4 2025, exceeding 2024's figures by approximately 3%, demonstrating the company's ongoing commitment to increasing housing supply.
Sales Price Drop: The average sales price in Q4 was $386,000, a 10% decrease from $430,000 in 2024, primarily due to market weakness and increased sales incentives, which negatively impacted the company's gross margins.
Cautious Future Outlook: Lennar expects to deliver between 17,000 and 18,000 homes in Q1 2026, with average sales prices projected between $365,000 and $375,000, indicating a cautious approach amid uncertain market conditions.
LEN
$117.57+Infinity%1D
Analyst Views on LEN
Wall Street analysts forecast LEN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for LEN is 122.08 USD with a low forecast of 95.00 USD and a high forecast of 161.00 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.
14 Analyst Rating
Wall Street analysts forecast LEN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for LEN is 122.08 USD with a low forecast of 95.00 USD and a high forecast of 161.00 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.
2 Buy
9 Hold
3 Sell
Hold
Current: 119.730
Low
95.00
Averages
122.08
High
161.00
Current: 119.730
Low
95.00
Averages
122.08
High
161.00
Barclays
Matthew Bouley
Equal Weight -> Underweight
downgrade
$95 -> $98
2025-12-08
Reason
Barclays
Matthew Bouley
Price Target
$95 -> $98
2025-12-08
downgrade
Equal Weight -> Underweight
Reason
Barclays analyst Matthew Bouley downgraded Lennar to Underweight from Equal Weight with a price target of $98, up from $95. The firm adjusted ratings in the homebuilding and building products group as part of its 2026 outlook. Barclays expects another year of declines in single-family housing starts, saying the housing market "remains far from balanced." This leaves the homebuilder stocks "volatile, with no cycle call to be made," the analyst tells investors in a research note. Barclays believes building products and brokerage names can outperform despite weakness in new residential. It views building products and distributors as more compelling than homebuilders entering 2026.
JPMorgan
Neutral -> Underweight
downgrade
$118 -> $115
2025-12-04
Reason
JPMorgan
Price Target
$118 -> $115
2025-12-04
downgrade
Neutral -> Underweight
Reason
JPMorgan downgraded Lennar 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.
Raymond James
Market Perform -> Underperform
downgrade
$NULL
2025-09-22
Reason
Raymond James
Price Target
$NULL
2025-09-22
downgrade
Market Perform -> Underperform
Reason
Raymond James downgraded Lennar to Underperform from Market Perform without a price target following the fiscal Q3 report and reduced outlook. The new guidance acknowledges that Lennar's volume-based operating strategy is "overdue for a re-calibration," the analyst tells investors in a research note. At current share levels, Raymond James believes the market is underestimating the amount of time it may take for the company to restore its margins and returns to historical averages.
Citizens JMP
Aaron Hecht
Outperform
maintain
$130 -> $140
2025-09-22
Reason
Citizens JMP
Aaron Hecht
Price Target
$130 -> $140
2025-09-22
maintain
Outperform
Reason
Citizens JMP analyst Aaron Hecht raised the firm's price target on Lennar to $140 from $130 and keeps an Outperform rating on the shares. Lennar's core results reflected lower-than-expected deliveries and gross margin, and the business has remained pressured by prohibitive affordability levels for consumers, which caused management to slow its starts pace, the analyst tells investors in a research note. Citizens believes book value multiples should trade above the supported ROE as we move into an earnings growth cycle for the industry, occurring in conjunction with better affordability for homebuyers.
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.
