Wells Fargo Securities Upgrades Toll Brothers (TOL) to Outperform
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Wells Fargo Securities upgrades Toll Brothers, Inc. (NYSE: TOL) Market Perform to Outperform with a $24-$26 valuation after the company reported strong Q4 order growth of 42%.
The firm suggest TOL should be profitable in FY10, has dwindling competition in its customer niche and substantial presence in the supply-constrained Northeast, plus a competitive advantage in its willingness
and ability to develop its land with the balance sheet to do so.
The firm adjusted their 2009E EPS to ($4.48) from ($4.35) and 2010 EPS estimate remains $0.30.
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