Mohawk Industries price target raised to $108 from $106 at RBC Capital

RBC Capital raised the firm’s price target on Mohawk Industries to $108 from $106 and keeps a Sector Perform rating on the shares. The company’s Q1 earnings beat was driven by stronger Flooring North America and Ceramic segments, which offset weakness in Rest of World, or ROW, segments, though its price/cost dynamic worsened as ROW saw price declines accelerating, the analyst tells investors in a research note. The management’s unchanged expectations for second-half price/mix/volume recovery could also prove optimistic given higher-for-longer rates, RBC added.