Toll Brothers Stock A Buying Opportunity Amid Rising Mortgage Rates: Analyst
Wedbush analyst Jay McCanless upgraded Toll Brothers, Inc. (NYSE:TOL) to Outperform from Neutral, raising the price forecast to $175 from $148.
The analyst indicates that the recent dip in the company’s shares due to rising mortgage rates has created a buying opportunity.
With the stock market recently reaching all-time highs, this could positively influence demand. Additionally, the analyst notes recent positive demand commentary from Toll’s publicly traded competitors.
McCanless points out that the average Toll buyer is less focused on monthly payments compared to most of the stick builder coverage. Instead, these buyers are more attuned to their personal financial situations.
For the fourth quarter of fiscal 2024, the…
