** Oppenheimer cuts PT on luxury home builder Toll Brothers TOL.N to $155 from $165, upside of 47.5% to stock's last close; rating unchanged at 'outperform'

** Co's shares down 1% at $104 in early trading

** Brokerage expects co to lower annual closing forecast due to choppy demand during spring selling season

** Adds that it sees model orders below normal seasonality in FY25

** Oppenheimer expects co's FY25 orders to be 10,560 below street estimate of 10,630

** Co's Q1 adj. EPS missed analysts' estimates; will announce Q2 result on May 20, post market

** Eleven of 19 brokerages rate stock "buy" or higher, seven "hold" and one "sell"; their median PT is $139.50 - LSEG data

** Including session's moves, shares down 17% YTD

(Reporting by Apratim Sarkar)

((Apratim.Sarkar@thomsonreuters.com))