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

, 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.