Jefferies Reaffirming Buy On Mohawk Industries (MHK)

Jefferies & Co. is reaffirming its Buy rating on Mohawk Industries MHK, but is raising its price target to $66 from $60. In a note to clients, Jefferies writes, "Mohawk Industries is a global building products company focused primarily on the flooring market. Despite the challenging demand environment, we believe the company will drive financial results through new product introductions, international opportunities, pricing power and a continued focus on cost-cutting initiatives." Shares of MHK lost $3.24 on Friday to close at $57.08, a loss of 5.37%.