The Toro Co. ( NYSE: TTC ) on Friday was upgraded to Outperform from a prior investment rating of Market Perform by analysts at Raymond James. They said the maker of tools and outdoor equipment has a “massive” backlog in products for professionals.
“Toro’s ( TTC ) higher-margin Pro segment should enjoy solid shipment growth for years, supported by an enormous $2.3 billion order backlog,” Sam J. Darkatsh, analyst at Raymond James, said in a Dec. 23 report. “Our enthusiasm is partially tempered by weak housing sentiment, near-term earnings risk until supply chain pressures ease, and multiple insider sales at lower levels.”
The investment bank set a price target of $130 a share, based on a multiple of 15 times its estimate for Toro’s ( TTC ) EBITDA in 2024.
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Toro upgraded to Outperform at Raymond James on growing backlog