UPDATE: Topeka Capital Markets Initiates Toll Brothers at Hold on Valuation
Topeka Capital Markets initiated coverage on Toll Brothers (NYSE: TOL) with a Hold rating and a $33 price target.
Topeka Capital Markets noted, "Demand for Toll-branded homes appears to be increasing across the US, and we believe the traditional Toll buyer may be less sensitive to a loss of the mortgage interest tax deduction than entry-level or first-move-up buyers. However, we believe Toll's greater-than-$500k average selling price may result in headline risk as the fiscal cliff negotiations continue."
Toll Brothers closed at $30.67 on Thursday.
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