JPMorgan upgraded Mohawk Industries (MHK) to Overweight from Neutral with a price target of $161, up from $151. Following a “less constructive approach” to the building products stocks in 2024, JPMorgan is taking a more optimistic and positive stance for 2025. The firm anticipates both existing home sales and repair/remodel demand to begin to show some improvement during the upcoming year and views valuations as skewing towards a favorable risk/ reward. It upgraded Mohawk, saying the company is a more “levered, inexpensive way” within the sector to benefit from a rebound in repair/remodel demand during the upcoming year.
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