Mohawk Industries price target lowered to $135 from $140 at Loop Capital

Loop Capital analyst Laura Champine lowered the firm’s price target on Mohawk Industries to $135 from $140 but keeps a Buy rating on the shares. The company’s Q1 results and Q2 outlook were better than expected, but the firm’s prior estimates included a quicker recovery as it pushes back the timeline on likely interest rate cuts, the analyst tells investors in a research note. Loop adds however that Mohawk Industries valuation of 12-times expected 2024 adjusted EPS and 7-times on enterprise value to expected EBITDA is reflective of exaggerated negative sentiment, even with shares up 11% year-to-date outperforming the market.