Meritage Homes Corporation (NYSE:MTH) is one of the 8 Best Real Estate Stocks to Buy Beyond REITs. Based on 13 analyst ratings compiled by CNN, 62% rated the stock Hold, while 38% rated it Buy. The stock currently has an average price target of $80, a 17.44% upside from the current price of $68.12.
On April 28, JPMorgan decreased its price target on Meritage Homes to $58 from $62 while maintaining a Neutral rating on the stock following the company’s first quarter earnings report. Similarly, Keefe Bruyette analyst Jade Rahmani also reduced the price target on Meritage Homes to $75 from $76 while maintaining a Market Perform rating on the stock.
On April 22, Meritage Homes reported a 55% decline in net earnings to $55 million in the first quarter of the year from $123 million in the same period last year, mainly due to lower home closing revenue and gross profit. The company also reported a 17% decline in home closing revenue to $1.1 billion, mainly due to a 13% reduction in closing volume to 2,967 homes, combined with a 5% decrease in average sales price (ASP) to $373,000.
Meritage Homes Corporation is an American homebuilder that offers energy-efficient and affordable entry-level and first move-up homes.
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