UPDATE: Sterne Agee Reiterates On Meritage Homes On Valuation Shift - Meritage Homes (NYSE:MTH)

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In a report published Friday, Sterne Agee analyst Jay McCanless reiterated a Buy rating on

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Meritage Homes

(NYSE: MTH), and raised the price target from $49.00 to $50.00.In the report, Sterne Agee noted, “We are raising our price target to $50 from $49 as we shift our valuation focus to FY15 and add in our estimates for the Legendary acquisition. We are raising FY14E/FY15E EPS to $3.45/$4.38 from $3.27/$4.22 primarily from the Legendary deal. Also, we are initiating a FY16E EPS of $3.75.”Meritage Homes closed on Thursday at $41.44.