Toro Company price target lowered to $90 from $100 at Baird

Baird lowered the firm’s price target on Toro Company to $90 from $100 and keeps a Neutral rating on the shares. The firm shared key takeaways from its golf/dealer checks including modest growth is expected in golf course budgets and turf/equipment spend for 2024, small improvement in golf equipment lead times, but still significantly elevated versus historical levels, lawn/garden dealer inventory remains elevated on net basis, and anecdotes suggest some incremental pricing frustration.