Meritage Homes (MTH) NewsBite - MTH Up Sharply Following Broker Upgrade

Posted: Friday, November 06, 2009 12:32 PM EDT

Meritage Homes (MTH) was upgraded today by analysts at Credit Suisse and the stock is now at $19.24, up $0.45 (2.39%) on volume of 627,113 shares traded. The stock is moving higher today after Credit Suisse upgraded the stock to Neutral from Underperform. Over the last 52 weeks the stock has ranged from a low of $5.10 last November to a high of $24.35 in August. Meritage Homes stock has been showing support around $17.79 and resistance in the $19.45 range. Technical indicators for the stock are bullish and S&P gives MTH a positive 5 STARS (out of 5) strong buy ranking. If you are looking for a hedged play on MTH the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 15 range. [ABR-Seven Summits Strategic Investments NewsBite]

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