Lennar is trading 4.4% lower at $78.47 after third-quarter results missed expectations.
- Adjusted EPS was $1.23 and revenue was $8.05 billion, both below forecasts; reporting linked the post-announcement reaction to the results.
- Morgan Stanley initiated coverage with an Underweight rating and a $65 price target.
- The broader market is higher, so the provided market context does not explain Lennar’s decline.