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Stifel Nicolaus lowers its rating on Toll Brothers
TOL from Hold to Sell based on stretched valuation.
Stifel says, “TOL has recently traded just below multi-year highs and in our view has priced in a faster housing recovery than we realistically envision. We struggle to find any near term catalyst to propel the stock to new multi-year highs and believe that the seasonal pattern of buying (trading) homebuilders ahead of a potential turn in the spring came a bit early this year. We see limited valuation upside remaining and material downside risk should recent housing optimism fade.”
TOL closed at $19.69 per share on Tuesday.
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