UPDATE: Citigroup Raises PT to $28 on Meritage Homes, Maintains Neutral on Fair Value
Citigroup reiterates its Neutral rating on Meritage Homes (NYSE: MTH) and raises its price target from $18 to $28.
Citigroup notes, "MTH management positioned the company well for the next upturn through: (1) continuously repositioning communities into the most desirable locations, (2) lowering overhead, and (3) leveraging fixed costs. Therefore, MTH appears to be firing on most of its cylinders and we expect the company to return to the black in 2011."
MTH closed at $27.15 on Thursday.
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