Toll Brothers upgraded to Outperform from Market Perform at Raymond James

Raymond James analyst Buck Horne upgraded Toll Brothers to Outperform from Market Perform with a $61 price target. Homebuilders "will persevere," as their balance sheets are better prepared for a downturn "than at any other point in the sector’s history," Horne tells investors. He thinks it is important for investors to keep at least one "line in the water" with respect to homebuilders and recommends moving up the price point curve towards Toll. Horne thinks Toll’s high-end, $8.9B backlog of about 8,100 homes gives it "ample clarity into its ability to delivery solid 2023 earnings" at a time when most of its peers are only able to offer limited earnings visibility.