Meritage Homes (MTH) Reiterated at Market Outperform by Citizens

Citizens analyst James McCanless III reiterated a Market Outperform rating and $90.00 price target on Meritage Homes (NYSE: MTH).

The analyst commented, "In 2026, Dream Finders (DFH, MP), Smith Douglas (SDHC, MP), NVR (NVR, NC), and Lennar (LEN, MP) have all seen YTD stock price returns below the ~6% YTD gain for the ITB and below the 9% YTD increase for the S&P 500. The common thread for these four names is they are land-light builders, which means the majority of each company's homebuilding lots are controlled via option contract rather than owning the land on balance sheet. The entry-level builders with a land-heavy balance sheet we recommend include Century Communities (CCS, MO, $92 PT), Meritage Homes (MTH, MO, $90 PT), and LGI Homes, Inc. (LGIH, MO, $93 PT). YTD through 7/2/26, LGIH's stock price has risen 44%, Meritage has had a 24% gain, and CCS' stock price has seen an 18% lift. Despite these increases, LGIH, CCS, and MTH currently trade at or below our FY26E tangible book value (TBV) estimates versus the group average price/TBV ratio of 1.3x as of 7/2/26. At current levels, the land-light names we cover have price/FY26E TBV multiples at or above the group average, with DFH trading at a 1.3x price/FY26E TBV multiple and SDHC trading at a 1.9x price/FY26E TBV multiple."

For an analyst ratings summary and ratings history on Meritage Homes click here. For more ratings news on Meritage Homes click here.

Shares of Meritage Homes closed at $81.86 yesterday.

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