TOLL BROTHERS : price target raised by Wells Fargo
January 04, 2024 at 09:01 am EST
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Wells Fargo reaffirms its 'overweight' recommendation on Toll Brothers with a price target raised from $105 to $120, adding the homebuilder's stock to its 'tactical idea list' for the first quarter of 2024.
'We view Toll Brothers as a relative outperformer versus its peers in 2024, via a combination of achievable targets, pricing power and solid execution', says the broker.
According to Wells Fargo, the group is likely to be gaining market share from smaller, unlisted manufacturers, 'which, along with its continued pivot to 'quasi-luxury', presents short- and long-term volume opportunities'.
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Toll Brothers, Inc. is a builder of luxury homes. The Company designs, builds, markets, sells and arranges financing for an array of luxury residential single-family detached home, attached home, master-planned, and urban low-, mid-, and high-rise communities. The Company operates its own architectural, engineering, mortgage, title, land development, insurance, smart home technology and landscaping subsidiaries. It also develops master-planned and golf course communities as well as operate, in certain regions, its own lumber distribution, house component assembly and manufacturing operations. The Company also caters to urban and suburban renters under the brand names Toll Brothers Apartment Living and Toll Brothers Campus Living. It designs, builds, markets, and sells high-density, high-rise urban luxury condominiums with third-party joint venture partners through Toll Brothers City Living (City Living). The Company operates in approximately 24 states and in the District of Columbia.
TOLL BROTHERS, INC. 
