Downgrade Alert for Meritage Homes (MTH)
Meritage Homes (NYSE:MTH) was downgraded from Neutral to Underperform at Credit Suisse today. The stock closed yesterday at $39.26 on volume of 512,000 shares, above average daily volume of 412,000.
Meritage Homes Corporation designs, builds, and sells single-family homes ranging from entry level to semi-custom luxury. The Company operates in the South and West of the United States.
Over the past year, Meritage Homes has traded in a range of $25.48 to $49.36 and closed yesterday at $39.26, 54% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 0.5%.
Potential upside of 2.5% exists for Meritage Homes, based on a current level of $39.26 and analysts' average consensus price target of $40.22. The stock should find initial support at its 200-day moving average (MA) of $36.45 and further support at its 50-day MA of $35.70.
SmarTrend recommended that subscribers consider buying shares of Meritage Homes on May 25th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $36.15. Since that recommendation, shares of Meritage Homes have risen 10.4%. We continue to monitor MTH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades meritage homes