Millrose Properties: Lennar Fears Create Opportunity (Upgrade)

2025-12-24 08:15:15 ET

Shares of Millrose Properties, Inc. ( MRP ) have been a solid performer since being spun out of Lennar ( LEN ) earlier this year, having gained about 11%. That said, we have seen shares decline over 10% from their highs more recently. This has coincided with concerns about further weakening in the housing market, with Lennar’s results particularly weak . In fact, I cut Lennar to a sell in early December. Since I last covered Millrose in October , shares have lost 10%, a poor outcome given my “hold” rating. At that time, I warned shares were ~3% above fair value, but the dividend yield kept me from a “sell” rating. In hindsight, I should have placed greater emphasis on its valuation. After this pullback and with a dividend increase just announced, now is a good time to revisit MRP. I am more bullish....

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