Mohawk Industries Gets A Double Upgrade 'Despite Challenging Macro Backdrop'
Portfolio Pulse from Priya Nigam
Mohawk Industries (NYSE:MHK) received a double upgrade from BofA Securities, with the rating raised from Underperform to Buy and the price target increased from $120 to $177. The company reported strong Q2 earnings and provided optimistic Q3 guidance, leading to a 15.62% rise in its stock price.
July 26, 2024 | 2:58 pm
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Mohawk Industries received a double upgrade from BofA Securities, with the rating raised from Underperform to Buy and the price target increased from $120 to $177. The company reported strong Q2 earnings of $3.00 per share, beating the forecast of $2.73 per share, and provided optimistic Q3 guidance.
The double upgrade and increased price target from BofA Securities, along with strong Q2 earnings and positive Q3 guidance, are likely to boost investor confidence and drive the stock price higher in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100