Lennar Stock (LEN): BTIG Downgrade, Buffett’s Big Bet and Millrose Spin-Off Shape Outlook Ahead of Q4 2025 Earnings
Lennar shares traded near $130 on December 2, 2025, down about 25% from a year ago after a Q3 earnings miss and margin compression. Q3 revenue fell 6–7% to $8.8 billion, with adjusted EPS dropping nearly 49% to $2.00. New orders rose 12% while average selling prices and gross margins declined sharply. The stock faces a rare Sell rating from BTIG as Berkshire Hathaway increases its stake.