The Ratings Game: Toro stock is a sell as golf playing slows, gas mower market shrinks, BofA says
Shares of Toro Inc. were cut down Wednesday, after BofA Securities recommended investors sell, citing concerns over gas mower engine shortages, a shrinking gas mower market and a streak of monthly declines in golf rounds played.
Analyst Ross Gilardi downgraded Toro to underperform, after starting coverage of the turf equipment maker in January with a neutral rating. He slashed his stock price target by 28%, to $85 from $118. The new target implies about 10% downside from current levels.
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