Toll Brothers: Wells Fargo raises target price

(CercleFinance.com) - Wells Fargo reaffirms its 'overweight' recommendation on Toll Brothers with a price target raised from $105 to $120, adding the homebuilder's stock to its 'tactical idea list' for the first quarter of 2024.


"We see TOL as a relative outperformer vs peers in '24 via a combo of doable guide, pricing power & solid execution", the broker says.

According to Wells Fargo, the group is likely to be gaining market share from smaller, private builders, "and this, together with its ongoing pivot to 'near luxury', present NT & LT vol opportunities".


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