Toll Brothers Reports Positive November Trends (TOL)

J.P. Morgan is out with its research report on Toll Brothers (NYSE: TOL) noting positive trends in November.

In its report, J.P. Morgan writes, "TOL noted that deposits in November, the first month of 1Q11, were up 10% YOY, while traffic was up 5%. Moreover, while the company did not comment on orders (which are defined by a generally non-refundable downpayment, as opposed to deposits, which are refundable), we believe this statistic for the month was at least flat YOY, which we note is a strong improvement from 4Q orders' 27% YOY decline."

J.P. Morgan maintains its Overweight rating and establishes a $26 price target on TOL.

TOL closed yesterday at $18.87.