Barclays upgrades Lennar, says homebuilder can rally more than 25% as housing market troughs in 2023

As a housing trough nears, homebuilding stocks are some of the best-positioned names to weather the storm, according to Barclays

Homebuilding stock Lennar is one of the best-positioned names to capitalize on a housing market trough next year, according to Barclays. Analyst Matthew Bouley upgraded the homebuilder to overweight from equal weight, saying in a note to clients Wednesday that Lennar's size and past history of solid execution should help it navigate this environment.

"As the second largest homebuilder by closings in the US, we expect LEN will leverage its scale to more effectively manage its gross margins relative to peers, allowing the company to increase its incentives with a relatively better ability to reduce construction costs in tandem," he wrote. Barclays' upped its price target on Lennar to $116 from $85 a share, suggesting the stock's poised to rally 28% from Tuesday's close.

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