In a report published Thursday, Barclays Capital analyst Stephen Kim reiterated an Equal-Weight rating on Toll Brothers TOL, and raised the price target from $40.00 to $41.00.
In the report, Barclays Capital noted, “Toll Brothers (TOL) reported 2Q14 adjusted diluted EPS of $0.36, vs. our $0.16 estimate and Street consensus of $0.26. Overall, it was a quarter marked by lighter-than-expected volumes offset by higher prices and solid SG&A control, which led to operating margins coming in ahead of expectations. Volumes remain relatively flat into May, while 2Q14 reported net order growth was flat (-0.2% y/y), as TOL's homebuilding operations saw order growth of 5.3% y/y. Average closing prices were $706k, up 22.4% y/y, in-line with our 24.4% growth estimate. Homebuilding closing prices were $703k, up 21.7% y/y, while City Living closing prices were $793k, up 41.2% y/y.”
Toll Brothers closed on Wednesday at $36.38.
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