Millrose Properties: Lennar Fears Create Opportunity (Upgrade)

Core Viewpoint - Millrose Properties, Inc. (MRP) has performed well since its spin-off from Lennar (LEN), with a gain of approximately 11% since the beginning of the year, although shares have recently declined over 10% from their peak [1] Company Performance - MRP shares have shown a solid performance post-spin-off, gaining about 11% [1] - Despite the overall gain, there has been a recent decline of over 10% from the highest share price [1] Analyst Insights - The analyst has over fifteen years of experience in making contrarian bets based on macro views and stock-specific turnaround stories [1] - The focus is on achieving outsized returns with a favorable risk/reward profile [1]