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Fly News Breaks for October 18, 2018
TOL
Oct 18, 2018 | 06:27 EDT
As reported earlier, BofA/Merrill analyst John Lovallo downgraded Toll Brothers to Neutral from Buy and lowered his price target to $38 from $47 as part of his broader research note that also lowered the 2018-2019 outlook for housing starts and new home sales. The analyst points to the stock being impacted by demand "moderation at the high end of the market", highlighting growing risk to absorption rate. Lovallo also lowers his implied forward earnings multiple of Toll Brothers to 7.5-times from 9.0-times to reflect "perceived interest rate/affordability headwinds".
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