Seaport Research downgraded Toll Brothers to Neutral from Buy without a price target. The analyst thinks “fading rallies” into affirmative fiscal 2024 homebuilder sector guidance is warranted, saying expected tailwinds may become headwinds, and/or an early to late sector rotation unfolds, if recession fears ease further. With the recent stock rally and past Federal Reserve rates cuts, “neutral risk” will return near-term, the analyst tells investors in a research note.
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