Mohawk Industries price target raised to $127 from $98 at Truist

Truist raised the firm’s price target on Mohawk Industries to $127 from $98 and keeps a Buy rating on the shares. The company’s below-consensus Q1 guidance was not unexpected given seasonality, and while input costs declined, the continued weak volume and price/mix pressure limited gains, the analyst tells investors in a research note. A turn in residential R&R, or repair-and-remodel, demand in FY24 could cause dramatic earnings revisions, though greater investor confidence around Mohawk’s strategic position will be needed to see a dramatic multiple revision, the firm added.