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UPDATE: Keefe, Bruyette & Woods Downgrades Toll Brothers on Valuation

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In a report published Wednesday, Keefe, Bruyette & Woods analyst Jade J. Rahmani downgraded the rating on Toll Brothers (NYSE: TOL) from Outperform to Market Perform, but raised the price target from $40.00 to $42.00.

In the report, Keefe, Bruyette & Woods noted, “Core earnings (ex. gains) were modestly below our estimates on gross margin and SG&A. TOL reduced the top end of its 2014 revenue guidance. Management noted weather had impacted some sales. We increase our price target to $42 from $40 on the roll forward of higher book value, but downgrade to Market Perform on valuation. We moderately decrease our forward estimates on deliveries and gross margin.”

Toll Brothers closed on Tuesday at $38.25.

Latest Ratings for TOL

DateFirmActionFromTo
Dec 2014BarclaysMaintainsEqual-weight
Dec 2014Keefe Bruyette & WoodsMaintainsMarket Perform
Oct 2014Buckingham ResearchInitiates Coverage onNeutral

View More Analyst Ratings for TOL
View the Latest Analyst Ratings

Posted-In: Bruyette & Woods Jade J. Rahmani KeefeAnalyst Color Downgrades Analyst Ratings

 

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