UPDATE: Stifel Nicolaus Upgrades Mohawk Industries to Buy on Outlook
Stifel Nicolaus raises its rating on Mohawk Industries (NYSE: MHK) from Hold to Buy and establishes a price target of $84 as the company's outlook looks bright.
Stifel Nicolaus comments, "We are upgrading shares of Mohawk following the company's stronger than expected guidance reported Thursday evening. We note the revenue strength that was exhibited in the two higher margin businesses, Dal-Tile and Unilin. We were impressed with results across the company's segments, particularly the strength of the Dal-Tile and Unilin segments. Dal-Tile sales were up 14% during the quarter, and we believe that the company's strengthening position with home centers and share gains in Mexico, in addition to the generally rising overall market, will allow for sales to continue growing nicely."
MHK closed at $68.50 on Thursday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.