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Research Alert: CFRA Lowers Opinion On Shares Of Toll Brothers, Inc. To Hold From Buy
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Research Alert: CFRA Lowers Opinion On Shares Of Toll Brothers, Inc. To Hold From Buy
May 22, 2024 9:39 PM

12:15 AM EDT, 05/23/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target price of $126, up $1, is 9x our FY 24 (Oct.) EPS of $13.99 (up $0.37; FY 25's up $0.51 to $13.60), a discount to its 10-year forward P/E mean of 10.2x. FQ2 adj-EPS of $4.75 (+66% Y/Y) beat by $0.60 on revenue of $2.8B (+13.2% Y/Y), 7% above consensus. Deliveries of $2.6B derived on flat average selling price (ASP) and 6% volume growth. The top-line benefited from land sales totaling $190M and $1.17 flowing to EPS. Homebuilding gross margin of 28.2% (-10 bps Y/Y) was 60 bps ahead of guide. Contracts totaled $2.9B (+30% volume, -2% ASP). Backlog of $7.4B (-12% Y/Y) had ASP of $1.04B (-6% Y/Y). TOL lifts deliveries to 10.6K, ASP to $965K (midpoints), and SGA margin to 9.6%. The guide implies Q/Q gross margin declines attributable to mix as TOL targets spec entry-level homes. The tight resale market should favor volumes and offset ASP pressure and margin pressure (lot costs and mix). We see volumes as dependent on rates. With shares jumping ahead of the YTD S&P 500 advance, we move to Hold.

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