Wells Fargo analyst Sam Reid lowered the firm’s price target on Toll Brothers (TOL) to $150 from $170 and keeps an Overweight rating on the shares. Wednesday’s pullback made sense as investors contemplated “mixed” spring dynamics, second half of the year delivery achievability and shrinking backlogs, the firm says. Wells believes Toll Brothers is still best positioned vs peers, but its call is admittedly built on long-term dynamics.
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