Citi analyst Anthony Pettinari lowered the firm’s price target on Toll Brothers to $125 from $133 and keeps a Neutral rating on the shares. The firm lowered estimates and target multiples for homebuilders to reflect a slowing housing market. The analyst sees softness in data, noting permits, starts, sales and prices were all recently below expectations, potentially continuing in the second half of 2024. New and existing home inventories are ticking up despite higher for longer rates, the analyst tells investors in a research note.
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