KBW upgrades Toll, citing the K-shaped housing market favoring the 'affluent'

Economic inequality and an economy with disparate K-shaped benefits is leading to opposite outlooks for Lennar and Toll Brothers, according to Keefe, Bruyette & Woods. The bank downgraded Lennar to underperform from market perform, while upgrading Toll Brothers to outperform from the same previous rating. KBW has an $86 price target on Lennar, which represents a 5% loss from Monday's close. Its $161 price target on Toll Brothers indicates a 17% gain from Monday's close. …