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UPDATE: Mohawk Downgraded by Raymond James Following Earnings; Shares Rally Back

Related MHK
Earnings Scheduled For February 20, 2014
UPDATE: Mohawk Industries Receives Rating Boost from JP Morgan

Mohawk Industries (NYSE: MHK) was downgraded from Strong Buy to Market Perform by Raymond James following fourth quarter earnings. The firm removed its $160 price target.

Sam Darkatsh, analyst at Raymond James, believes the “risk/reward is no longer compelling” due to market share trends in carpet remaining “uninspiring.” “Near-term direction in housing/remodeling dynamics is more nebulous at best,” according to Darkatsh.

The analyst called, “implied FY14 guidance was in line with prior expectation (and already assumes a snap back from weather impacts in 1Q, whereas going into 4Q13 guidance looked conservative).”

Shares of Mohawk opened 5.2 percent lower to $138.27 on Friday, but have rallied all the way back to near Thursday's closing price of $145.95.

Posted-In: Analyst Color Earnings News Downgrades Price Target Analyst Ratings

 

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