Morgan Stanley initiated coverage of luxury homebuilder Toll Brothers with an overweight rating and a $159 price target, suggesting 18% upside. The stock has fallen more than 14% over the past three months amid mortgage rate fluctuations and rising construction costs. The stock is trading at a forward price-to-earnings ratio of approximately 10, placing it at a discount versus its historical average. Analyst Adam Kramer highlighted that Toll Brothers’ affluent buyers and pricing power support resilient margins and earnings. Of the 19 analysts covering the stock, 14 have a buy or strong buy rating.
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