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

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New for subscribers: JPMorgan upgrades Lennar, sees nearly 50% upside amid hot housing market and potential buybacks. Check out CNBCPro today.

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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