Why Mohawk Industries (MHK) Stock Is Trading Up Today
What Happened:
Shares of flooring manufacturer Mohawk Industries (NYSE:MHK) jumped 6% in the morning session after Deutsche Bank upgraded the stock's rating from Hold to Buy and raised the price target from $98 to $152. The new price target represents a potential 30% upside from where shares traded when the upgrade was announced.
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What is the market telling us:
Mohawk Industries's shares are somewhat volatile and over the last year have had 9 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful but not something that would fundamentally change its perception of the business.
Mohawk Industries is up 10.6% since the beginning of the year, and at $116.48 per share it is trading close to its 52-week high of $119.75 from February 2023. Investors who bought $1,000 worth of Mohawk Industries's shares 5 years ago would now be looking at an investment worth $813.68.
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