JPMorgan upgrades Lennar, sees nearly 50% upside amid hot housing market and potential buybacks

A "Sold" sign is displayed outside a home under construction at a Lennar Corp. development in Montgomery, Illinois.s internal improvements and potential in a hot housing market, according to JPMorgan.

The homebuilder reported its second quarter earnings on Wednesday, delivering revenue and earnings per share above expectations, according to FactSet. The company also raised its guidance for average sales prices and gross margins.

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The housing market is so hot buyers are paying $1 million over asking priceIn many hyper-competitive markets where all-cash offers that are well over the asking price are standard fare, buyers have found some jaw-dropping ways to stand out. I'll wait for the inevitable crash, thank you...
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