By Christiana Sciaudone
Investing.com -- Lennar (NYSE:LEN) rose almost 4% because even overpriced lumber can't stop it, KeyBanc said.
Analyst Kenneth Zener reiterated a sector weight rating with guidance showing net pricing trends are still favorable, with a blue-sky scenario pointing to lower input costs in fiscal year 2022, StreetInsider reported.
The homebuilder reported second quarter revenue up 21% from a year earlier, with closings up 14% and prices up 6%. The firm raised its earnings per share estimate for the year to $13.75 from $12.07, and for 2022 to $12.28 from $9.74, StreetInsider reported.
Demand for housing has been booming since the start of the pandemic amid low interest rates, which has pushed the prices of lumber higher, alongside home prices. Lennar and its rivals have seen results surge as a result. Shares are up 60% over the past 12 months.