Lennar falls as Barclays cuts it to 'underweight'

Shares of U.S. homebuilder Lennar LEN.N down 1.5% at $122 premarket

Barclays downgrades rating to "underweight" from "equal-weight", raises PT to $98 from $95

New PT shows a downside of 20.9% from the stock's last close

Brokerage says co's rigid production model and high valuation could squeeze margins, with affordability and inventory pressures keeping pricing weak

Barclays expects U.S. housing starts to weaken in 2026, with single-family down 9% and multifamily up 7%, signaling softer overall construction activity

Brokerage, however, hikes PT on peers D.R. Horton DHI.N to $132 from $110 and PulteGroup PHM.N to $115 from $98

5 of 20 brokerages rate the stock "buy" or higher, 11 "hold" and 4 "sell" or lower; their median PT is $125 - data compiled by LSEG

YTD, LEN shares up 6%