Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
---|
Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
---|
Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
---|
Shares of Mohawk Industries Inc (NYSE:MHK) were climbing in early trading on Friday, after the company reported its second-quarter results.
The company appears poised for continued margin recovery and improving capital allocation, according to BofA Securities.
The Mohawk Industries Analyst: Rafe Jadrosich upgraded the rating Mohawk Industries for from Underperform to Buy, while raising the price target from $120 to $177.
The Mohawk Industries Thesis: The company reported second-quarter earnings $3.00 per share, beating the forecast of $2.73 per share, and guided to third-quarter earnings between $2.80 and $2.90 per share, higher than consensus of $2.71 per share, Jadrosich said in the upgrade note.
Check out other analyst stock ratings.
"We are now more confident that margins will continue to improve despite the challenging macro backdrop," the analyst wrote. The company's margins in North America and the Global Ceramic segment are poised to expand, he added.
While volumes may remain soft through 2024, "given weak consumer demand for high-ticket discretionary home improvement projects and low housing turnover," North America volumes could stabilize against easy comparisons, Jadrosich stated. "We think MHK’s market share has stabilized after losing share to imported luxury vinyl tile (LVT) over the last 5-7 years," he further wrote.
MHK Price Action: Shares of Mohawk Industries had risen by 15.62% to $155.90 at the time of publication on Friday.
Now Read:
Posted In: MHK