His new $61 price target implies about 15% upside for shares from Friday's close.Īlong with the upgrade, Horne downgraded shares of D.R.
"With 20% of its affluent buyers still paying in all cash and the remainder being less sensitive to movements in mortgage rates, we believe there is less downside risk in TOL's 2023 guidance than most peers," said analyst Buck Horne in a note to clients Monday.Īccording to Horne, Toll Brothers' current book value multiple suggests an "attractive risk/reward" opportunity given the current housing climate.Īdditionally, Horne views the company's $8.9 billion backlog in homes as a factor offering greater clarity into the company's 2023 earnings trajectory. Raymond James upgraded shares of Toll Brothers to an outperform from market perform rating as shares trade at an solid discount to its peers. The firm lowered price targets for many key players across the sector including CrowdStrike, ServiceNow, Check Point and Atlassian.
"We believe that the growth in economic reliance on cloud computing over the course of the last decade will make these businesses relatively more resilient than tech darlings of the past, but we see the elasticity of the cloud as a potential headwind as customers have the ability to optimize their workloads easier than ever before," said Fishbein. Many of these issues are expected to continue in 2023. Last year was rough for the sector, which saw valuations tumble as concerns over sales weakness, foreign exchange headwinds and the customer base spooked investors. "Though the group remains sensitive to the rate environment, we believe that 2023 will be more of a stock pickers market than recent years in infrastructure and security software." "With uncertainty running high, we take a more conservative posture with our estimates and believe that investors need to be selective in the group, focusing on high-quality businesses and management teams," wrote analyst Joel Fishbein in a Jan. Investors looking to buy into the infrastructure and security sector in 2023 will be best served by picking individual stocks and focusing on those with high-quality business and management teams, according to Truist. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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