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Fly News Breaks for January 23, 2019
TOL
Jan 23, 2019 | 05:57 EDT
Mizuho analyst Haendel St. Juste downgraded Toll Brothers to Neutral and lowered his price target for the shares to $39 from $46. Toll Brothers' smaller size and scale offer less platform efficiencies and operating leverage, while its premium price product "is clearly not the ideal position to be in in today's market where orders growth is slowing," St. Juste tells investors in a research note. He notes the company also has 30% exposure to California, a state undergoing tax law changes in the form of limiting mortgage interest deductions.
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