Toro downgraded to Neutral after channel checks at DA Davidson

DA Davidson downgraded Toro Company to Neutral from Buy with a price target of $87, down from $110. Channel checks with Toro and Ditch Witch dealers during fiscal Q4 revealed that many expect a down retail year in 2024, the analyst tells investors in a research note. The firm says that while its golf course survey continues to show positive sentiment, capex intentions may have inflected slightly. “Cracks are beginning to show,” contends DA Davidson, which reduced estimates for Toro and downgraded the shares.