2024

James

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<p class="has-drop-cap">Walmart (NYSE: WMT) and Mohawk Industries (NYSE: MHK) have received positive analyst upgrades from <a href="https://www.cnbc.com/2024/06/10/jpmorgan-upgrades-walmart-says-its-time-to-get-defensive-with-consumer-softening-into-the-election.html" target="_blank" aria-label="JPMorgan (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">JPMorgan</a> and <a href="https://www.streetinsider.com/Analyst+Comments/Raymond+James+Upgrades+Mohawk+Industries+%28MHK%29+to+Strong+Buy/23339139.html" target="_blank" aria-label="Raymond James (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">Raymond James</a>, respectively, reflecting strong outlooks and favorable market positions.</p>
<p>JPMorgan upgraded Walmart to “Overweight” with a price target of $81, citing expectations of multi-year double-digit EPS growth, while Raymond James upgraded Mohawk Industries to “Strong Buy” with a price target of $140, based on a positive outlook and historical valuation metrics.</p>
<p>Both companies have shown recent stock price increases in <a href="https://tokenist.com/investing/how-to-trade-after-hours/" rel="noopener noreferrer nofollow" class="deco-link">premarket trading</a>, despite varying macroeconomic challenges, and are supported by analyst optimism and strategic positioning in their respective sectors.</p>
<h3 id="jpmorgan-upgrades-walmart-to-overweight-sets-81-price-target">JPMorgan Upgrades Walmart to “Overweight”, Sets $81 Price Target</h3>
<p>JPMorgan has upgraded Walmart’s stock rating from “Neutral” to “Overweight”, reflecting a strong balance of defense and offense for the retail giant.</p>
<p>The firm increased Walmart’s price target from $66 to $81, citing expectations of multi-year double-digit EPS growth driven by market share gains and international segment profit inflection. Walmart’s fiscal year forecast was raised in May following <a href="https://tokenist.com/walmart-nyse-wmt-reports-6-0-revenue-growth-in-q1-tops-forecasts/" rel="noopener noreferrer nofollow" class="deco-link">better-than-expected quarterly results</a>, with anticipated benefits from higher-margin alternative profit pools.</p>
<p>The upgrade also considers macroeconomic factors such as a softening consumer backdrop and an uncertain second half of 2024.</p>
<p>Walmart’s stock has risen 31.76% year-to-date as of the last close, with 37 of 40 analysts rating the stock as “buy” or higher, and a median price target of $71.50. The company’s <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">EPS forecast</a> for 2024 is maintained at $2.57, above the Wall Street consensus of $2.43.</p>
<p>Walmart’s stock rose by 1.44% in premarket trading on June 10, 2024 at the time of writing, reflecting its strong performance and significant returns over the past five years, outpacing the <a href="https://tokenist.com/investing/spx-vs-spy/" rel="noopener noreferrer nofollow" class="deco-link">S&amp;P 500</a>.</p>
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<h3 id="raymond-james-upgrades-mohawk-industries-to-strong-buy-sets-140-price-target">Raymond James Upgrades Mohawk Industries to “Strong Buy”, Sets $140 Price Target</h3>
<p>Raymond James has upgraded Mohawk Industries’ stock rating from “Market Perform” to “Strong Buy”, setting a new price target of $140.00.</p>
<p>The upgrade is based on a positive outlook and historical valuation metrics, reflecting a strong correlation between Mohawk’s stock performance and FNA margins. The recent decrease in WTI prices since the Q1 financial report is considered a positive factor, and Mohawk’s shares are viewed as below net asset appraised/replacement value, offering a favorable risk-reward balance.</p>
<p>Mohawk Industries reported mixed Q1 2024 results, with net sales decreasing by 4.5% to $2.7 billion, while adjusted EPS rose by 6% to $1.86. Despite challenges in the residential remodeling sector, the company remains optimistic about a market recovery in the second half of the year. Jefferies upgraded Mohawk’s stock price target to $130.00, maintaining a “Hold” rating.</p>
<p>The firm’s market capitalization stands at $7.24 billion, with a <a href="https://tokenist.com/investing/p-e-ratio/" rel="noopener noreferrer nofollow" class="deco-link">forward-looking P/E ratio</a> adjusted to 13.31 and a solid gross profit margin of 25.44%.</p>
<p>MHK increased by 2.27% in premarket trading on June 10, 2024, despite a challenging macroeconomic backdrop. The company’s financials reveal a mixed picture with a negative net income and profit margin, but significant free cash flow.</p>
<p>Analyst price targets range from $108 to $145, focusing on potential recovery and value investing strategies. Mohawk’s performance reflects its positioning in the furnishings, fixtures, and appliances sector, with strategic measures in place to navigate market challenges.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/walmart-and-mohawk-industries-receive-analyst-upgrades-gain-in-premarket/">Walmart and Mohawk Industries Receive Analyst Upgrades, Gain in Premarket</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Walmart and Mohawk Industries Receive Analyst Upgrades, Gain in Premarket

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