Evercore ISI lowered the firm's price target on Lennar to $82 from $89 and keeps an Underperform rating on the shares. The market has already priced in much of the bad news for the builder stocks, the analyst tells investors. Evercore says the homebuilders "hit their historic buy signal last week" when the median small-cap builder traded below 0.80-times tangible book value. The group may lack a near-term catalyst, but downside from here "may be manageable," the firm contends.
