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May 14, 2012 at 09:00 AM EDT
Lennar Upgraded to “Buy” at Guggenheim (LEN)

Home builder Lennar Corporation (LEN) on Monday caught a big upgrade from analysts at Guggenheim Partners.

The firm said it boosted its rating on LEN from “Neutral” to “Buy” with a $39 price target. That new target suggests a potential 37% upside to the stock’s Friday closing price of $28.45. Guggenheim noted that low new home supplies are helping the company raise prices.

Lennar shares, which have risen 45% year-to-date, posted small losses in premarket trading Monday.

The Bottom Line
Shares of Lennar (LEN) have a .56% dividend yield, based on Friday’s closing stock price of $28.45. The stock has technical support in the $24-$26 price area. If the shares can firm up, we see overhead resistance around the $31-$35 price levels.

Lennar Corporation (LEN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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