Toll Brothers price target raised to $139 from $138 at Citi

Citi analyst Anthony Pettinari raised the firm’s price target on Toll Brothers to $139 from $138 and keeps a Neutral rating on the shares. The firm updated builder estimates and target prices to reflect updated rate assumptions and late April, early May activity levels. The analyst continues to model low double digit year-over-year growth in single-family housing starts in 2024, but now expects more muted pricing as higher-for-longer rates keep incentives elevated. The group’s valuations seem “fair-to-full,” contends Citi.