Toll Brothers price target lowered to $133 from $139 at RBC Capital

RBC Capital lowered the firm’s price target on Toll Brothers (TOL) to $133 from $139 and keeps an Outperform rating on the shares ahead of its Q2 results. The firm is citing weakness in peer results, incremental deterioration in spring trends, and signs of weakness in the higher end homes, where spec and base price trends were weak through the quarter, the analyst tells investors in a research note. RBC adds that it remains positive on Toll longer term given its attractive land bank, more affluent customer base, and inexpensive valuation.