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Fly News Breaks for December 6, 2018
TOL
Dec 6, 2018 | 08:47 EDT
Wedbush analyst Jay McCanless lowered his price target for Toll Brothers to $36 from $44 as he shifts to a FY20 valuation from FY19. According to management, sales activity improved sequentially through the quarter but softened from October into November, he contends, adding that he trimmed his order growth expectations for FY19 as a result. McCanless is also adopting a more cautious outlook on community growth for the full year. He reiterates a Neutral rating on the shares.
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