After being hit hard by the downturn in the construction industry, Toll Brothers Inc. received yet another blow yesterday, as the luxury homebuilder was downgraded to “hold” from “buy” at Citigroup Inc. – which cautioned investors should “wait for a more compelling entry point” to purchase the stock.
Added to this, many analysts are not convinced that Toll Brothers will be able to deliver improved results any time soon given that its focus is on producing high-end homes, for which demand is still depressed.
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