Lennar drops on quarterly delivery forecast miss, weak demand outlook

** Shares of homebuilder Lennar LEN.N fall 2.7% premarket after disappointing Q4 forecast

** Posts Q3 EPS of $2.29 vs $4.26 year ago; expects Q4 deliveries of 22,000-23,000 units vs analyst estimates above 25,000, according to data compiled by LSEG

** Elevated interest rates, affordability challenges have pressured U.S. homebuilders' profitability in recent quarters

** We think the housing markets challenges go far beyond that of just LEN's inventory, and investors should see builders being forced into this by slow demand - Barclays

** Avg rating of 20 analysts is "hold;" median PT is $130 - data compiled by LSEG

** Stock last close at $132.87

** LEN stock marginally up 0.7% YTD