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Fly News Breaks for February 27, 2020
Feb 27, 2020 | 08:14 EDT
As previously reported, Wedbush analyst Jay McCanless upgraded Toll Brothers to Outperform from Neutral with a price target of $48, up from $40. The analyst notes that Wednesday's selloff in the shares was caused by delays in the company's delivery schedule as well as a lower gross margin profile for the balance of fiscal year 2020 versus consensus estimates. Now that expectations have been reset and management is steadily raising prices, he thinks the risk/reward setup is favorable as Toll Brothers' gross margin should increase 180bp year over year to 20.6% in fiscal year 2021 and EPS should rise by 36% year over year to $4.87 in fiscal year 2021.
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