UPDATE: Williams Financial Group Reiterates Hold Rating, Raises PT on Toll Brothers
In a report published Wednesday, Williams Financial Group reiterated its Hold rating on Toll Brothers (NYSE: TOL), and raised its price target from $30.00 to $33.00.
Williams Financial noted, “Toll Brothers (TOL, Hold, $31.86) turned in another solid upside to consensus forecast, delivering $66 MM ahead of the $566MM expected and EPS of $0.35 (ex DTA reversal) vs. the $0.23 the Street was looking for. The top line benefitted from increased end of year deliveries, converting about 43% of 3Q backlog vs. our estimate of 38%. EPS upside was largely driven by a 420 bps y/y reduction in SG&A expense, a 480 bps y/y improvement in gross margin and higher revenue.”
Toll Brothers closed on Tuesday at $31.86.
Latest Ratings for TOL
|Aug 2016||Buckingham Research||Maintains||Buy|
|Aug 2016||Keefe Bruyette & Woods||Maintains||Market Perform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.