Toll Brothers: Wedbush upgrades stock
(CercleFinance.com) - Wedbush has upgraded Toll Brothers shares from 'neutral' to 'outperform', increasing its target price for them from $148 to $175, believing that the recent decline in the share price due to rising mortgage rates has created a buy opportunity for the stock.
In particular, the broker believes that the average Toll homebuyer is less concerned about their monthly payments than their personal financial situation, and that the historic highs reached by the stockmarkets could therefore boost demand.
Although second-time buyers are not completely unaffected by rates, the lack of existing homes in most markets is pushing them towards new homes, which should benefit Toll, it also believes.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
In particular, the broker believes that the average Toll homebuyer is less concerned about their monthly payments than their personal financial situation, and that the historic highs reached by the stockmarkets could therefore boost demand.
Although second-time buyers are not completely unaffected by rates, the lack of existing homes in most markets is pushing them towards new homes, which should benefit Toll, it also believes.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.