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Monday, November 16, 2009
Citi Raises Price Target On Toll Shares
By John Spence
MarketWatch Pulse
BOSTON -- Citigroup analyst Josh Levin on Monday raised his target price on Toll Brothers Inc. shares to $25 from $23 following recent investor meetings Citi hosted with senior management, saying he is "incrementally more bullish on Toll and think this stock has more upside than we initially thought." Levin said the key takeaway from the meetings was that the distressed land market deal flow that the luxury home builder is seeing has increased dramatically in the past month. In preliminary quarterly results released last week, Toll said its orders jumped a better-than-expected 42% from the year-ago period. Shares of Toll ended Friday at $20.76.
Copyright © 2009 MarketWatch, Inc.
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