UPDATE: JPMorgan Upgrades Toll Bros. (TOL) to Neutral
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JPMorgan analyst Michael Rehaut upgraded Toll Bros. (NYSE: TOL) from Underweight to Neutral with a price target of $58.00 (from $71.00).
The analyst comments "We raise our rating on TOL to Neutral from Underweight, as following the stock’s YTD underperformance, down 29% vs. our universe’s 21% average decline (S&P: - 10%), we view its relative valuation, trading at 4.0x our 2023E EPS and 1.2x P/B, below its larger-cap peers’ averages of 4.5x and 1.7x, respectively, as reasonably reflecting our outlook for below average operating margins and ROE in 2022-23."
Shares of Toll Bros. closed at $51.60 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Upgrades
Related EntitiesJPMorgan, Standard & Poor's
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