Argus
•
Jun 04, 2025
Toll Brothers, Inc.: Reducing price target to $150 from $185
Sector(s)
Consumer Cyclical
Summary
Toll Brothers is a leading builder of upscale homes, serving step-up, empty-nest, active-adult, and second-home buyers. The company delivered 10,813 homes in FY24. At the end of the fiscal year, the company operated 408 selling communities across 24 states. The company operates its own lumber distribution, component-assembly, and manufacturing operations. Toll also has subsidiaries that provide architectural, engineering, mortgage, title land development and golf course management services. TOL also operates a growing number of for-rent apartments. The company, which is based in Horsham, Pennsylvania, had fiscal FY23 home sales of $10
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Analyst Profile
Chris Graja, CFA
Senior Analyst: Retail
Chris covers the Consumer sector for Argus. He was the #1 Stock Picker in the Household Durables sector, winning the 2019 StarMine U.S. Analyst award from Refinitiv. He was the #1 Stock Picker in Food and Staples Retailing, winning back-to-back U.S. Analyst Awards in 2015 and 2016. He received a prestigious Volunteer of the Year award from the New York Society of Security Analysts in 2000. Prior to Argus, Chris spent 16 years at Bloomberg Financial Markets. He was the Director of Training and a Senior Researcher for Bloomberg’s research division before joining the new Bloomberg magazine as Technical Studies Editor in 1993. He rose to Executive Markets Editor of the publishing group. Chris co-authored the book “Investing in Small-Cap Stocks,” which was published in three U.S. editions, an audio book, and two Chinese editions. Chris earned an MBA from Rutgers University. He is a CFA charterholder.
