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Friday, Aug 30
Carpet industry channel checks bode well for Mohawk Industries: Raymond James
- Shares of Mohawk Industries (MHK -1.4%) trade lower after enjoying a strong session Thursday.
- Likely behind yesterday's move was a Raymond James upgrade to Strong Buy.
- Cited in the note were robust August channel checks and the stock's relative underperformance since the beginning of the month when the firm upgraded the shares to Outperform.
- "Channel checks indicate demand in August was just as strong as July," analyst Sam Darkatsh notes, adding that Home Depot and Lowe's "indicated that broad August trends were constructive."
- Price target raised to $150 from $145.