** Truist Securities cuts price target on homebuilder Lennar Corp LEN.N to $90 from $95; reiterates "hold" rating

** New PT still represents a 6% upside to stock's last close

** Brokerage notes LEN is shifting to a land‑light strategy, meaning it owns less land and instead uses options, joint ventures, or third‑party arrangements

** Adds, while this reduces capital tied up in land, investors worry it lowers long‑term returns and makes profits less predictable

** Truist says management's defensive statement backing its land‑light strategy hurt invester sentiment; stock has underperformed over the past month

** Brokerage still sees co's 2027 return on equity unchanged at 8.7%

** Median PT of 20 brokerages covering the stock is $95 - data compiled by LSEG

** As of last close, LEN down 17.4% YTD