S&P Equity Research Downgrades Toro (TTC) to Hold
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S&P Equity Research downgrades Toro (NYSE: TTC) from Buy to Hold.
S&P analyst, S. Benway, says, "We are reducing our FY 08 (Oct.) EPS estimate to $3.25 from $3.80 to reflect comments from TTC that its customers are being cautious with their orders amid the current economic environment. We had expected TTC's new product introductions, diverse customer base, and international presence to insulate it from the domestic housing downturn, but the weakness now seems to be spreading. Our initial EPS forecast for FY 09 is $3.60. We reduce our target to $46 from $58 to reflect our weaker outlook and adoption of a peer P/E metric."
The Toro Company (Toro) design, manufacture, and market professional turf maintenance equipment and services, turf and micro irrigation systems, landscaping equipment, and residential yard products. [SM]
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