Toro Co (TTC)

Shares of Toro Co. (TTC) dropped by 5.02% from $86.34 to $82.01 in the trading on Tuesday, December 5, 2023. The reason why TTC is down today is due to a downgrade by DA Davidson, which downgraded the company from Buy to Neutral and lowered its price target from $110 to $87. The downgrade was based on a comprehensive analysis, including a golf course management survey and consultations with dealers and industry peers. Toro and Ditch Witch dealers anticipate a decrease in retail performance in 2024. Additionally, a significant competitor in the TTC Professional segment expressed significant caution about fiscal year 2024, predicting a revenue decline.

Toro (TTC) shares fell 12.69% to $87.07 following weak Q3 results, including a 7% YoY decline in net sales to $1.08 billion due to a 35% drop in residential sales. The company reported a $15 million net loss, largely due to a $151 million impairment charge related to its Intimidator Group acquisition in 2022.

https://www.fool.com/2023/09/07/heres-why-the-toro-company-stock-plunged-today/