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Fly News Breaks for April 30, 2019
Apr 30, 2019 | 07:12 EDT
Jefferies analyst Philip Ng upgraded Mohawk Industries to Buy from Hold and raised his price target for the shares to $167 from $145. With Mohawk hitting its guidance the last two quarters and stock reaction "pretty contained despite providing disappointing guidance," the downside in shares from current levels is limited, Ng tells investors in a research note. Once investors believe estimates have bottomed, the stock could re-rate like its peers have this year, adds the analyst. Further, Ng sees catalysts from Mohawk's LVT capacity ramping up, headwinds from productivity and price:cost reversing, and free cash flow reaccelerating. Ng calls Mohawk a "bounce back candidate" with its earnings bottoming.
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