Lennar Corp (LEN.B)
Pitch Summary: Housing sentiment has swung sharply negative on rates, tariffs, labor worries, and recession risk, but the note argues cycle conditions differ starkly from the GFC: underbuilt supply, de-levered balance sheets, cleaner land positions, and consistent FCF with buybacks. Builders typically trade on book value in risk-off tapes; today book is far less fragile […]
