Deutsche upgrade their recommendation on Toll Holdings (TOL) from HOLD to BUY with a price target of $6.10 (14% above the current market price). The analysts note three reasons for the upgrade, their strong core business, solid cost controls and the shares are trading at a discount with only 3.4% underlying EBITA growth factored into the stockbroker's FY14 forecasts. On the flip side CIMB have downgraded TOL to neutral but believe that the company will prove to be a good investment for investors with a horizon of 12 months or longer.
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