Benzinga | Jan 10, 2022 12:05PM EST

Evercore ISI Cuts Mohawk Industries Price Target By 15%

* Evercore ISI analyst Stephen Kim downgraded Mohawk Industries Inc (NYSE:MHK) to In-Line from Outperform with a price target of $195, down from $229.

* The firm forecasts flat housing starts in FY22, but double-digit growth in completions and home prices, noted Kim.

* The analyst sees a multi-year period of strong double-digit growth in remodeling spending and thinks the "coming surge in R&R spend provides a rising tide for all," but also noted that there will be "relative winners."

* Price Action: MHK shares are trading lower by 3.01% at $171.23 on the last check Monday.