Toll Brothers upgraded to Outperform from Peer Perform at Wolfe Research

Wolfe Research upgraded Toll Brothers to Outperform from Peer Perform with an $118 price target. The analyst finds value in the stock relative to the company’s projected return on assets. In addition to valuation, the firm likes Toll Brothers’ “strong” cash flow driving share repurchase upside, favorable land bank and leverage to the age targeted buyer market “that should begin thawing.”