Dougherty & Co Starts Toro (TTC) at Buy
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Dougherty & Co initiated coverage on Toro (NYSE: TTC) with a Buy rating and a price target of $56.
Analyst Jon Fisher said, "We are attracted to the growth and financial profile of the company. We forecast 2017 being a year of accelerating growth and 2018 growth accelerating from 2017. Our $56 Price Target is based on a P/E of 22x our 2018 EPS forecast and 13x EV/EBITDA 2018 forecast. Both multiples are in-line with TTC's 20-25x P/E and 10-13x EV/EBITDA ranges since 2010. With higher margins than its peer group and accelerating growth versus peers' decelerating growth into 2018, TTC's current valuation is in-line with its peers. The company’s fiscal 2016 closed 10/31 and management will provide guidance for fiscal 2017 on their December earnings call. We do foresee a risk of management providing conservative guidance for 2017 given the uncertain macro environment. We are confident in our accelerating growth outlook for 2017 and 2018 and encourage investors to focus on this growth acceleration in 2017 and 2018."
Shares of Toro closed at $46.74 yesterday.
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