Mohawk Industries upgraded to Buy from Hold at Deutsche Bank

Deutsche Bank analyst Joe Ahlersmeyer upgraded Mohawk Industries to Buy from Hold with a price target of $152, up from $98. With the company not only reiterating the belief that demand should inflect in the second half of 2024, but also now offering “clear building blocks” for profit growth, the stock’s risk/reward has improved enough to support a Buy on the stock, the analyst tells investors in a research note. The firm says that with forward earnings set to begin rising above $10 per share and with “plenty of historical support” for a minimum double-digit price-to-earnings ratio when profits grow, it sees little downside to the stock at $110 per share today.