Oppenheimer analyst Tyler Batory raised the firm’s price target on Toll Brothers to $157 from $141 and keeps an Outperform rating on the shares, while highlighting the stock as top pick in the homebuilder space. The firm thinks the company is uniquely positioned given its shift towards spec homes as a larger percentage of closings. This should drive an acceleration in volume growth through 2025. Gross margin can remain relatively stable, setting up the company to grow EPS faster than other builders, Oppenheimer adds. These factors support multiple expansion, in the firm’s view.
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