UPDATE: Credit Suisse Upgrades Mohawk Industries (MHK) to Neutral

February 18, 2021 4:42 AM EST
Get Alerts MHK Hot Sheet
Price: $196.05 --0%

Rating Summary:
    11 Buy, 13 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 19 | Down: 24 | New: 32
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(Updated - February 18, 2021 4:46 AM EST)

Credit Suisse analyst Adam Baumgarten upgraded Mohawk Industries (NYSE: MHK) from Underperform to Neutral with a price target of $180.00 (from $114.00).

The analyst comments "We are upgrading MHK to Neutral from Underperform and increasing our TP to $180 from $114 on the back of a ~33% increase in our FY21/FY22 adj. EPS estimates, as well as our bullish outlook for US housing growth in 2021/2022. Our bullish view is based on: 1) positive YTD channel checks: YoY growth has accelerated sequentially in Dec, Jan, Feb and pricing power is improving – see report body for more detail; 2) an outlook for robust existing home sales/prices: we expect turnover and prices to increase ~15% and ~10%, respectively, in 2021; 3) strong delivery growth for the homebuilders: +20-30% in 2021; and 4) accelerating trends seen in our proprietary CS Real Estate Agent Survey: mid- and high-tier home buyer traffic/prices have picked-up in Dec/Jan, a positive for remodel demand."

For an analyst ratings summary and ratings history on Mohawk Industries click here. For more ratings news on Mohawk Industries click here.

Shares of Mohawk Industries closed at $168.45 yesterday.

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