Mohawk Industries price target lowered to $112 from $143 at Evercore ISI

Evercore ISI analyst Stephen Kim lowered the firm’s price target on Mohawk Industries (MHK) to $112 from $143 and keeps an In Line rating on the shares. The market has already priced in much of the bad news for the builder stocks, the analyst tells investors. Evercore says the homebuilders “hit their historic buy signal last week” when the median small-cap builder traded below 0.80-times tangible book value. The group may lack a near-term catalyst, but downside from here “may be manageable,” the firm contends.