Lennar rises after Q2 revenue beats estimates

Shares of U.S. homebuilder Lennar LEN.N rise 2% to $112 in premarket

Co on Monday posted Q2 revenue of $8.38 bln, above analysts' average estimates of $8.16 bln, according to data compiled by LSEG

Co reported Q2 profit of $1.81/share, nearly half of $3.45/share a year earlier

Co's average sales price of $389,000 declined from $408,000 in the first quarter and was lower than $426,000 a year earlier, as affordability for home buyers remains an issue

The homebuilder expects to deliver 22,000 to 23,000 homes in Q3, compared with analysts' average estimate of 23,174 homes

Six of 22 brokerages rate the stock "buy" or higher, 16 "hold"; their median PT is $130- data compiled by LSEG

As of last close, stock had fallen 17% YTD