Goldman Sachs Upgrades Toll Bros. (TOL) to Buy

July 14, 2011 7:00 AM EDT
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Price: $30.85 -0.16%

Rating Summary:
    13 Buy, 15 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 11 | Down: 22 | New: 54
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Goldman Sachs upgraded Toll Bros. (NYSE: TOL) from Neutral to Buy and raised their 6-month price target from $20 to $25, suggesting 20% upside.

The firm cited said their confidence is growing in the high-end segment of the housing market.

"In our 2Q11 housing survey we found that consumers in the higher income bracket are more constructive on home prices (33% in the $120K or above income category expect home price appreciation vs. 21% for the broad survey) and have a higher desire to purchase a new home (38% vs. 20% for the broad survey)," the analyst said.

For more ratings news on Toll Bros. click here and for the rating history of Toll Bros. click here.

Shares of Toll Bros. closed at $20.75 yesterday.

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