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

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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.

Latest Ratings for MHK

Oct 2016Bank of AmericaUpgradesNeutralBuy
Sep 2016Wells FargoInitiates Coverage onMarket Perform
Sep 2016Bank of AmericaInitiates Coverage onNeutral

View More Analyst Ratings for MHK
View the Latest Analyst Ratings

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


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