As previously reported, Credit Suisse analyst Susan Maklari downgraded Meritage Homes to Neutral from Outperform and lowered her price target on the shares to $36 from $50. Over the last several quarters, Meritage has benefited from efforts to drive improvements in operations in its East region as well as the rollout of its entry level targeted homes, she notes. Although she looks for these initiatives to continue to be reflected in results, Maklari believes much of the initial gains have been captured and as comparisons become more difficult, she expects limited upside to the current valuation.