Toro Company lays out building blocks for FY25 growth, says DA Davidson

DA Davidson keeps a Neutral rating and $103 price target on Toro Company (TTC) but notes that the firm’s investor meetings with its management were “favorable” as the company laid out some of the building blocks for growth in FY25. Toro has noted strong backlogs and ongoing demand in Golf and Underground, with additional sales to Lowe’s (LOW) and a potential normalization in Snow Removal, while its cost-reduction initiative has also borne some early fruit, the analyst tells investors in a research note.